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.

Encyclopædia Britannica is a company with a long, storied history and I knew we had to be a part of it. We worked with the company and in the end, were able to provide a term loan against the trade name—a structure that isn’t very common. It was a privilege to be a part of Encyclopædia Britannica’s history and help the company execute on their strategy and transition to the future.

David Grende
President & CEO, Siena Lending Group