Barnes & Noble and Barnes & Noble Education’s Revolving Credit Facilities

On August 3, 2015, in connection with the separation of Barnes & Noble Education, Inc. (“BNED”), which owns the Barnes & Noble college business, from Barnes & Noble, Inc. (“B&N”), which owns the retail and NOOK digital businesses, each of B&N and BNED entered into five‑year asset‑backed revolving credit facilities arranged by Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Wells Fargo Bank, N.A. and SunTrust Robinson Humphrey, Inc. Cravath represented B&N and BNED in connection with the credit facilities, under which the lenders committed to provide an aggregate committed principal amount of $700 million for B&N and $400 million for BNED.

The Cravath team included partner Paul H. Zumbro and associates Gregory D. Beaton and Katherine M. Stork on banking matters, senior attorney Andrew Carlon on tax matters and associate Amy C. Benford on executive compensation and benefits matters. Summer associates Janice Martindale and Stephanie Marshak also worked on banking matters.