Former House Speaker Newt Gingrich has formed a new fundraising venture, Committee for America, to support conservatives and retire his 2012 campaign debt.

The new group combines American Legacy PAC and Gingrich’s former presidential campaign to “train” future conservative candidates and “chart a course for a better America,” according to a news release.

Gingrich’s campaign owes nearly $5 million, according to online fundraising records.

Here’s how the new committee describes the financial arrangement:

“Money raised by the Committee for America will be allocated between The American Legacy PAC and Newt 2012. The American Legacy PAC will use proceeds to fund federal candidates and provide online training material for conservative candidates. Newt 2012 will use proceeds to retire debt obligations incurred during the 2012 Republican presidential primary campaign.”

Sunlight Foundation notes