- New $150 million revolving credit facility led by JP Morgan
- Replaces existing debt facilities and provides additional capital
- Valuation of content library in excess of $175 million
TORONTO, Sept. 17 /CNW/ - Entertainment One Ltd., ("E1" or the "Company")
today announces that it has agreed to a new four-year $150 million senior
credit facility led by JP Morgan. This will replace the Company's existing
debt facilities and will provide additional capital to the Company for
continued future growth. Along with JP Morgan, participating banks also
include Bank of America, Barclays and Toronto Dominion Bank.
As part of the financing, E1 has commissioned an independent third party
report that has valued its film and music library - which currently includes
over 3,700 film titles and approximately 15,000 music tracks - in excess of
Darren Throop, CEO of E1 said, "This new facility is another key element
of the company's strong balance sheet, supporting our strategy to build the
world's leading independent international film and television distribution
business. The Company now has additional capital to pursue further
opportunities for additional growth in our core markets."
"The $175 million plus content library highlights the value we are
creating as we develop the business," added Mr. Throop.
David Shaheen, Managing Director of JP Morgan said, "Securing this
facility in the current market is a significant achievement for E1, and is
testament to the success of the business and the belief in the Company's
ability to achieve its ambitions."
Since listing on AIM in March 2007, E1 has made significant progress in
rapidly building an international film distribution business. In July 2008,
the Company announced the acquisitions of Blueprint Entertainment Corp. and
Barna-Alper Productions Inc., the Canadian television production business
alongside Maximum and Oasis Pictures Inc., the Canadian film and television
distribution businesses. These followed the acquisitions last year of
Contender in the UK, Seville in Canada and RCV in Holland and Belgium.
Notes to Editors:
Entertainment One Ltd. (LSE: ETO) AIM listed, Entertainment One is a
leading international entertainment company with operations in Canada, the
U.S, Holland, Belgium and the UK, where it distributes, acquires and owns
filmed entertainment and music content in all media. The Company's strategy is
to build a leading international independent entertainment content ownership
and distribution business which acquires films, television programmes and
music content and exploits these rights in all media throughout the world.
Entertainment One also owns Koch Entertainment, the largest independent record
label in North America and a leading independent distributor of music and
video in the United States. www.entertainmentonegroup.com
For further information:
For further information: Quiller Consultants, John Eisenhammer, 020 7233
9444; Edelman (North America), Freda Colbourne, Shane Dolgin, (416) 979-1120;
Entertainment One, Giles Willits, 020 7004 2755; Kaupthing Singer &
Friedlander Capital Markets Limited (NOMAD), James Maxwell, Marc Young, 020