Stingray Group, a music, media and technology company, completed the increase and extension of its existing credit facilities, providing additional liquidity for operations and M&A activities. The $442.5 million credit facilities consist of a $375 million revolving credit facility and a $67.5 million term loan, both maturing in October 2026. The renewed terms include incremental commitments of up to $100 million upon request, subject to predetermined conditions. The pre-existing sub debt of $32 million maturing in October 2023 combined with the extended credit facilities accounts for total flexibility of up to $574.5 million.

“We are pleased to have the continued commitment from our existing banking syndicate and partners as we pursue growth opportunities,” Eric Boyko, president, co-founder and CEO of Stingray Group, said. “This new financing significantly increases our existing liquidity and allows for additional commitments as we continue to assess and realize upon opportunities in the marketplace.”

A syndicate of banks led by National Bank of Canada, Bank of Montreal and Fédération des Caisses Desjardins as co-lead arrangers is providing the credit facilities. The syndicate also includes CIBC, TD Bank, Scotiabank, HSBC Bank Canada, Royal Bank of Canada, Business Development Bank of Canada and Investissement Québec.