Stingray Digital Group announced today the signing of an amended and restated credit agreement with a maturity of June 11, 2019.

The credit facility is provided by a syndicate of banks led by National Bank of Canada, as administrative agent and lender, and comprised of Bank of Montreal, Canadian Imperial Bank of Commerce and The Toronto-Dominion Bank.

This amendment includes, among other things, the merging of the outstanding balance of Stingray’s term loan into its revolving credit facility and provides for the repayment of a bridge loan following the closing on June 3, 2015 of Stingray’s initial public offering; and the increase of the amount of Stingray’s revolving credit facility to $100 million. In addition, in certain circumstances, Stingray may increase the credit facility by an additional $25 million with lender consent. Immediately prior to the signing of this amended and restated credit agreement, Stingray had borrowings of approximately $28.7 million.

Stingray is a business-to-business multi-platform music and in-store media solutions provider operating on a global scale, reaching an estimated 110 million Pay-TV subscribers (or households) in 111 countries.