News - 2010
CEC Completes $235M Refinancing Deal, Positioned
For Future Growth
West Caldwell, NJ December 13 -
$235M Recapitalizes balance sheet and positions CEC for future growth
Community Education Centers, Inc. ("CEC") announced the closing of $105 million of new first lien credit facilities consisting of a $40 million First Lien Revolving Credit Facility and a $65 million First Lien Term Loan. Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC) is agent for the new first lien credit facilities which mature in December 2014.
The Company also announced the closing of a new $130 million Second Lien Term Loan led by Ares Capital Corporation and affiliates of TPG Opportunities Partners as agents. The new Second Lien Term Loan will mature in December 2015. These new first and second lien credit facilities recapitalize CEC's balance sheet and replace existing debt.
John J. Clancy, Chairman of the Board and Chief Executive Officer of CEC, said: "The refinancing of our debt with these new credit facilities has recapitalized our company and has provided us with the liquidity to expand our pursuit of organic growth opportunities. We are pleased to have the financial backing of these prestigious lenders who recognize our strong position in the industry."
About Community Education Centers, Inc.
Community Education Centers, Inc., is a leading provider of offender reentry and in-prison treatment services in America, operating in 18 states and Bermuda, with approximately 30,000 individuals in its daily care. CEC provides a full range of therapeutic residential and non-residential correctional services with a documented record of reducing recidivism.