August 12, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — The Princeton Review, Inc. (NASDAQ: REVU) said it has refinanced its existing $50 million credit facility with General Electric Capital Corp. (NYSE: GE) as administrative agent. The amended and restated credit agreement consists of a $60 million senior secured term loan and a $12.5 million senior secured revolving credit facility.

Princeton Review said that, as compared to its previous $50 million credit facility, both new facilities provide the company more favorable interest rates and greater flexibility in terms of financial maintenance covenants.

Borrowings under the senior credit facilities bear interest through December 7, 2014 at a variable rate based upon, at the company's option, either LIBOR or the highest of the prime rate, 3.0% plus the overnight federal funds rate, and 1.0% in excess of the three-month LIBOR rate, plus, in each case, an applicable margin.

Massachusetts-based Princeton Review is a provider of test preparation, educational support services and online career education services. The Princeton Review partners with schools and guidance counselors throughout the U.S. to assist in college readiness, test preparation and career planning services, helping more students pursue postsecondary education.

The company also owns and operates Penn Foster Education Group, an online education firm.

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