Corus Entertainment increased its syndicated senior secured credit facilities to $2.6 billion in connection with its acquisition of Shaw Media. RBC Capital Markets served as lead bank for the transaction.

This acquisition more than doubled Corus’ size, creating a combined portfolio of brands that encompass 45 specialty television services, including leading women and lifestyle, kids, family and general entertainment brands; 15 conventional television channels; 39 radio stations; a global content business; book publishing and a growing portfolio of digital assets.

Corus paid a purchase price of $2.65 billion for Shaw Media, subject to certain post-closing adjustments, which was satisfied by Corus through a combination of $1.85 billion in cash and the issuance by Corus to Shaw of 71,364,853 class B shares at an agreed value of $11.21 per share.

In connection with the acquisition, Corus increased its syndicated senior secured credit facilities to the aggregate amount of $2.6 billion, consisting of a $2.3 billion term loan and a $300 million revolving credit facility, provided by RBC Capital Markets as lead bank together with a syndicate of other lenders pursuant to an amendment and restatement of Corus’ existing credit facilities as of April 1, 2016. The full amount of the term loan was drawn on closing to finance the acquisition.

The acquisition was also subject to the approval of the Canadian Radio-television and Telecommunications Commission, which was received on March 23, 2016.

Toronto-based Corus is a media and broadcasting company.