Siena Lending Group LLC (“Siena”) announces the completion of a revolving credit facility for Ambassador Education Solutions ("Ambassador") to refinance the company's existing senior debt and support its working capital needs. The additional capital will allow Ambassador to continue its growth trajectory, supporting current and new client institutions that turn to Ambassador to power their course materials and content integration programs.
Headquartered in Melville, NY, Ambassador partners with colleges and universities to simplify the entire course materials adoption, management, and delivery process. Ambassador's proprietary technology, customizable bookstore, and fulfillment service models connect students with textbooks, eBooks, digital resources, custom content, supplies, kits, devices and more, driving down costs and improving outcomes.
“Ambassador is committed to improving the education experience and this liquidity comes at a time when we are experiencing strong demand in the market. It will enable us to continue to meet the needs of our expanding customer base as we deliver technologies and services that make course materials more accessible and affordable," said Steven M. Blicht, Chief Operating Officer of Ambassador. "We appreciate Siena's efficiency in closing this transaction, and we are looking forward to a long-lasting relationship."
Stephen Fuscaldo, Director of Siena, said, “Siena is pleased to provide a flexible asset based facility for Ambassador which will allow its team to manage liquidity and provide for increased working capital assets as a result of the company’s growth. Ambassador provides a tremendous service to students, faculty, and colleges and universities.”