TORONTO, June 3, 2019 /PRNewswire/ - 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.
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SOURCE Corus Entertainment Inc.