Cengage draws on revolver, hires advisors to review capital structure

By Sara Rosenberg

New York, March 22 - Cengage Learning Acquisitions Inc. borrowed $430 million under its revolving credit facility on Wednesday, according to a news release.

In addition, the company announced that it has retained Alvarez & Marsal as restructuring advisor, Lazard as financial advisor and Kirkland & Ellis LLP as legal advisor to help assess its capital structure.

The draw, which took out basically all of the remaining funds under the revolver, was done to ensure that the company has sufficient liquidity to fund working capital needs.

As a result, Cengage has about $490 million of cash on its balance sheet and an outstanding balance on its two revolvers of $518 million.

Cengage is a Stamford, Conn.-based provider of teaching, learning and research services for the academic, professional and library markets.

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