TORONTO, June 3, 2019 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) announced today that it has completed an agreement to amend and extend the terms of its existing credit facility with its bank group, led by RBC Capital Markets and TD Securities. Pursuant to the amendment, the term facility under the credit facility was adjusted from $2.1 billion to $1.8 billion, reflecting principal repayments made since the facility was last amended. Except for $300 million carved out of tranche 2 into a third tranche (tranche 3), the maturity dates were extended to May 2023 (tranche 2) and May 2024 (tranche 1). The maturity date for the third tranche remains November 2021. The maturity date for the $300 million revolving facility has also been extended to May 2023. A copy of the amendment to the credit agreement will be filed on SEDAR at www.sedar.com.
The credit facility was originally established in connection with the closing of Corus' acquisition of Shaw Media Inc. to partially fund the purchase price for the acquisition and to replace the company's existing credit facilities, with the terms subsequently amended and extended in November 2017 and on May 31, 2019. As at May 31, 2019, the term facilities were fully drawn and the company had available approximately $300 million under the revolving facility, all of which could be drawn. The revolving facility is available on a revolving basis to finance permitted acquisitions and capital expenditures, and for general corporate purposes.
About Corus Entertainment Inc.
Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops and delivers high quality brands and content across platforms for audiences around the world. The company's portfolio of multimedia offerings encompass 37 specialty television services, 39 radio stations, 15 conventional television stations, a suite of digital assets, animation software, technology and media services. Corus is an established creator of globally distributed content through Nelvana animation studio, Corus Studios, and children's book publishing house Kids Can Press. The company also owns innovative full-service social digital agency so.da, and lifestyle entertainment company Kin Canada. Corus' roster of premium brands includes Global Television, W Network, HGTV Canada, Food Network Canada, HISTORY®, Showcase, National Geographic, Disney Channel Canada, YTV and Nickelodeon Canada, Global News, Globalnews.ca, Q107, Country 105, and CFOX. Visit Corus at www.corusent.com.
SOURCE Corus Entertainment Inc.
For further information: John Gossling, FCPA, FCA, Executive Vice President and Chief Financial Officer, Corus Entertainment Inc., [email protected]; Heidi Kucher, Director, Investor Relations, Corus Entertainment Inc., [email protected]; Melissa Eckersley, Corporate Communications Lead, Corus Entertainment Inc., [email protected]