Corus Entertainment amended the terms of its existing credit facility with its bank group, led by RBC Capital Markets and TD Securities, reducing the facility 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.
The credit facility was originally established in connection with the closing of Corus’ acquisition of Shaw Media 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. On 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
Corus Entertainment is a media and content company with a portfolio of multimedia offerings encompassing 37 specialty television services, 39 radio stations, 15 conventional television stations, a suite of digital assets, animation software, technology and media services.