CHARLOTTE, N.C., Feb. 12, 2016 /PRNewswire/ -- Babson Capital Management, a global asset management firm with approximately $223 billion in assets under management, announced today that it led the Term Loan B issuance in a $135 million credit facility to Cambium Learning Inc. Babson also served as co-documentation agent on the transaction, which included revolving credit and term loan facilities.
Founded in 2003 and based in Dallas, Cambium Learning Inc. is an educational solutions and services company providing supplemental digital and print products to teachers and students from pre-K through high school in math, reading, science and other subjects. Cambium Learning Inc. is a wholly owned subsidiary of Cambium Learning Group Inc. (NASDAQ: ABCD), which is majority-owned by Veronis Suhler Stevenson ("VSS").
"Babson added value through its ability to provide solutions across the capital structure and its flexibility and responsiveness in meeting the needs of both sponsor and borrower," said David Bainbridge, Managing Director for Veronis Suhler Stevenson. "VSS appreciates Babson's partnership in the refinancing of Cambium Learning Inc. and we look forward to working with them again soon."
"Babson is excited to partner with VSS and the lending group on a financing solution for Cambium," said Ian Fowler, Managing Director and Co-Head of Babson's North American Private Finance Group. "With significantly lower cost of capital and continuing support from VSS, we believe Cambium is positioned to leverage its strong market position and capitalize on organic and strategic growth opportunities."
About Veronis Suhler Stevenson
Veronis Suhler Stevenson is a leading private investment firm that invests in the information, tech-enabled business services, healthcare IT, and education industries in North America and Europe. With offices in New York and London, VSS provides capital for buyouts, recapitalizations, growth financings and strategic acquisitions to middle-market companies and management teams with the goal of building companies organically and through a focused add-on acquisition program. Since 1987, VSS has managed seven private investment funds with aggregate initial capital commitments totaling over $3 billion, including four equity funds and three structured capital funds. To date, VSS funds have invested in 74 platform companies, which have together completed over 330 add-on acquisitions. To learn more, visit www.vss.com.
About Babson Capital Management
Babson Capital Management LLC is one of the world's leading asset management firms, with approximately $223 billion in assets under management as of December 31, 2015. Through proprietary research, analysis and a focus on investment fundamentals, the firm and its global affiliates develop products and strategies that leverage its broad expertise in global fixed income, structured products, middle market finance, commercial real estate, alternatives and equities. A member of the MassMutual Financial Group, Babson maintains a strong global footprint with operations on four continents and clients in 31 countries. Learn more at www.babsoncapital.com
SOURCE Babson Capital Management LLC