DALLAS, Dec. 3, 2010 /PRNewswire-FirstCall/ -- Cambium Learning Group, Inc. announced today that it has decided to withdraw the previously announced offering of senior notes at this time. The Company will continue to monitor market dynamics and all sources of capital to opportunistically minimize the Company's cost of capital over time. The Company may elect to undertake an offering of senior notes at a later date or dates if the market becomes more favorable.
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"The decision to withdraw at this time was based on the careful consideration of a number of factors. Cambium has recently obtained a B2 rating from Moody's which was an upgrade and maintained its B rating from Standard and Poors. We opportunistically sought to take advantage of the low long term interest rates in the market. The recent increase in long term rates does not align with our opportunistic goal," said Ron Klausner, Chief Executive Officer. "The Company will continue to monitor the market conditions and will consider relaunching another debt offering if favorable interest rates and other terms present themselves. This offering was intended to provide the Company with access to long term fixed rate capital on favorable terms but was not required for our short-term or medium-term liquidity needs," Klausner added.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
About Cambium Learning Group, Inc.
Cambium Learning Group, Inc. is based in Dallas, Texas, and operates three business units: Voyager, a comprehensive intervention business; Sopris, a supplemental solutions business; and Cambium Learning Technologies, which includes ExploreLearning, IntelliTools, Kurzweil and Learning A-Z. Through its core divisions, the Company provides research-based education solutions for students in Pre-K through 12th grade, including intervention curricula, educational technologies and services primarily focused on serving the needs of the nation's most challenged learners and enabling students to realize their full potential. The Company's shares of common stock are traded on the Nasdaq Global Market under the symbol: ABCD. The Company's website is http://www.cambiumlearninggroup.com/.
Forward Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors. The forward-looking statements contained in this press release include statements related to the offering of the Notes, including the possible re-launch of such offering. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations. Factors that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements include, among others, those factors listed under the caption "Risk Factors" included in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, as filed with the SEC on March 26, 2010. The Company disclaims any duty to update any forward-looking statements made by the Company, whether as a result of the receipt of new information, future events or otherwise.
Media and Investor Contact: Shannan Overbeck Cambium Learning Group, Inc. 214.932.9476 shannan.overbeck@cambiumlearning.com
Cambium Learning Group, Inc.
CONTACT: Shannan Overbeck, Cambium Learning Group, Inc.,
+1-214-932-9476, shannan.overbeck@cambiumlearning.com
Web Site: http://www.cambiumlearninggroup.com/
