Stingray Group, a music and video content distribution, business services and advertising solutions company, completed the increase and extension of its existing credit facility, providing additional liquidity for operations and M&A activities. The refinancing consists of a $500 million revolving credit facility maturing in Dec 2028.
“We are delighted to have the ongoing support from our current banking syndicate and partners as we explore growth opportunities,” Eric Boyko, president, co-founder and CEO of Stingray, said. “This new financing greatly enhances our current liquidity and provides optionality for additional commitments as we continue to evaluate and capitalize on market opportunities.”
The credit facility is provided by a syndicate of banks led by National Bank Financial Markets as co-lead arranger and sole bookrunner, BMO Capital Markets and Fédération des Caisses Desjardins du Québec as co-lead arrangers and comprised of Royal Bank of Canada, Canadian Imperial Bank of Commerce, TD Bank, The Bank of Nova Scotia and Business Development Bank of Canada.
