Cengage amends ABL revolver, extending maturity and shifting to SOFR

By Sara Rosenberg

New York, Nov. 17 – Cengage Learning Inc. amended its asset-based revolving credit facility, extending $182 million of the commitments to the earlier of Nov. 17, 2027 and 91 days prior to the maturity of any other debt of the company exceeding $100 million, according to a company posting.

Additionally, the amendment transitioned the revolver to SOFR from Libor.

In connection with the amendment, the principal amount of the total ABL revolving credit commitments was reduced by $24.55 million to $182 million.

Citibank is the administrative agent on the revolver.

Cengage Group is a Boston-based edtech company.

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