Cengage Learning in the amendment and extension of its $182 million asset-based revolving credit facility

On November 17, 2022, Cengage Learning, Inc. amended its asset-based revolving credit facility.  The amendment, among other things, (i) extended the maturity date of $182 million in aggregate principal amount of commitments and loans extended thereunder, and (ii) amended certain definitions and other provisions to replace LIBOR-based benchmark rates applicable to certain U.S. dollar-denominated extensions of credit under the existing ABL facility with SOFR-based rates.

Wachtell, Lipton, Rosen & Katz served as legal advisor to Cengage Learning.