Sale Allows Key Brand Entertainment to Retire JP Morgan Term Loans
NEW YORK, Aug. 26 /CNW/ -- Key Brand Entertainment CEO John Gore
announced today the sale of two major Toronto theatres to Mirvish Productions:
the 2,300-seat Canon Theatre and the 700-seat Panasonic Theatre. In
accordance with Key Brand's loan agreements entered into at the time of Key
Brand's acquisition of Broadway Across America, the proceeds are being used to
retire term loans from JP Morgan and subordinated notes from Aramid
"This is a great moment for the company and its shareholders," said Key
Brand Entertainment CEO John Gore, "The sale of these two venues and the
payback of these loans allow Key Brand Entertainment to now focus exclusively
on our main priorities -- programming and production."
The sale of the two theatres to Mirvish Productions was led by Key Brand
Entertainment Chairman Thomas B. McGrath and David B. Stern, Key Brand's EVP &
General Counsel, who headed the transaction team which included Thomas
MacDonald and Ken Herlin from the Goodmans law firm in Toronto, as well as
Fred Gartside and Ken Bovard from Los Angeles-based Jeffer Mangels Butler &
Marmaro. Mirvish was represented by Howard Drabinsky and William Rowlands of
Lang Michener LLP. JP Morgan was represented by Terry Dugan and Matthew E.
Schernecke of Morgan, Lewis & Bockius, LLP, as well at Toronto counsel, Ted
Perlmutter and Lauren Temple of Blake, Cassels & Graydon LLP.
For further information:
For further information: Michael Hartman or Wayne Wolfe, both for Key
Brand Entertainment, +1-212-398-1800