Challenge
Encyclopædia Britannica and Merriam-Webster needed a line of credit to execute the transition from print to digital. Merriam-Webster had a small line of credit with a regional bank, although Encyclopædia Britannica itself did not.
Solution
Siena offered Encyclopædia Britannica a $10 million facility, which included a term loan against the trade name.
Result
During its time with Siena, Encyclopædia Britannica successfully executed on its strategy of transitioning the company’s reference tools from print to digital. In the midst of this process, the company saw its overseas business take off dramatically, and needed a lender with an international presence as a result.
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