Market Overview

Nebraska Book Company Announces New Debt Facility and Balance Sheet Restructuring


Major debt holders have converted debt to equity and approved a new
financing facility showing confidence in Nebraska Book Company's
leadership, strategy and operations

Nebraska Book Holdings, Inc. (NBC) announced today, July 31, 2018, that
it has successfully completed the restructuring of its balance sheet
eliminating the substantial majority of its legacy long-term debt. Going
forward the company will have a capital structure that will enable
growth and profitability. This was accomplished by NBC's major debt
holders converting their remaining debt to equity and through a new
Asset Based Loan (ABL) facility from Callidus Capital Corporation
(Callidus). On or before October 1, 2018, NBC intends to redeem all
remaining notes, fully eliminating its legacy long-term debt.

"Over the past 18 months the NBC team has worked with our creditors to
eliminate the substantial majority of the $168 million in debt that
remained from the 2012 bankruptcy and 2016 debt restructuring," said Jay
Amond, NBC CEO. "We truly appreciate the confidence our historic
creditors and our new ABL lender, Callidus, has shown in our
organization, which will allow us to move forward aggressively in
support of our customers and further drive our commitment to the Higher
Education market."

The Callidus ABL provides NBC with additional working capital for
execution of its strategic plans, including expanding its wholesale
textbook distribution business and the rapid delivery of a fully
modernized, state-of-the-art technology solution for customers of Prism
Retail Business Solutions (PrismRBS).

In addition, "In the last few months the NBC team has created PrismRBS
by merging RATEX Business Solutions, Inc. and NBC's IT division,
achieved EPEG counterfeit best practices certification and finalized the
debt restructuring, positioning the company well for the future," said
David Steinberg, NBC Director and CEO, Mast Capital. "NBC's customers
can be assured that the company has the resources and capital structure
to continue to provide them with the extraordinary service that has been
the hallmark of the organization. I congratulate all of the members of
the NBC team for these significant accomplishments."

About Nebraska Book Holdings (NBC)
NBC began in 1915 as an
independent college bookstore. The company has evolved into a key
resource and consulting partner to over 2,000 college retailers
nationwide, providing textbook and technology solutions which support
student success and strengthen higher education retail across the United
States, Canada and the Caribbean. In addition to being one of North
America's largest textbook distributors, NBC's subsidiaries include
PrismRBS, College Store Design and Campus Advisory Services. For more
information about NBC visit

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