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Big Mover; School Specialty Inc. (SCHS)

By Warren Paige

Shares of School Specialty Inc. (NASDAQ: SCHS), an education company, have risen sharply in trading today. SCHS shares rose to an intra-day high of $3.15, and are currently trading 23.66% higher at $3.01 on above average volume of 560,603.

School Specialty shares are gaining momentum after the Greenville, Wisconsin-based company announced that it refinanced its existing credit facility with two new separate agreements.

SCHS signed a $200 million asset-based credit agreement with a group co-led by affiliates of Wells Fargo & Company and GE Capital. The company also entered into a $70 million credit agreement with an affiliate of Bayside Capital Inc.

Commenting on the development, Michael P. Lavelle, CEO of School Specialty, said that the new asset-based credit agreement and term loan provides the company with a more appropriate borrowing structure for its business. Lavelle said that with the important step, SCHS is now poised to further focus on its business and accelerate its transformational activities to drive long-term growth and enhance value to customers and investors.

 

May 23rd, 2012 | Tags: | Category: Hot MicroCaps

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All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com . About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.