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CORUS ASSIGNS AND AMENDS CREDIT AGREEMENT, EXTENDS MATURITY DATE
CORUS ASSIGNS AND AMENDS CREDIT AGREEMENT, EXTENDS MATURITY DATE Canada NewsWire ...
About this update from Corus Entertainment Inc. Class B
[{"type":"text","content":"\n\n\n\n CORUS ASSIGNS AND AMENDS CREDIT AGREEMENT, EXTENDS MATURITY DATE\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n March 21, 2025\n \n\n /CNW/ -\n \n Corus Entertainment\n \n\n Inc.\n \n (\"\n \n Corus\n \n \" or the \"\n \n Company\n \n \") (TSX: CJR.B) announced today that it has completed an assignment of all the indebtedness and obligations under its Seventh Amended and Restated Credit Agreement dated\n \n October 24, 2024\n \n , as amended (the \"Credit Facility\") to existing, Canadian strategic debtholders. The Company also completed an agreement to amend and restate the Credit Facility (as amended, the \"Updated Credit Facility\") to, among other things, increase the maximum amount the Company may request as an advance on a \"revolving\" basis to\n \n $75 million\n \n , remove certain requirements to use excess cash to repay the outstanding amounts on such advances, fix the interest rate per annum equal to the two year\n \n Canada\n \n interest rate determined on\n \n March 17, 2025\n \n , plus 4.75%, and increase the maximum Total Debt to Cash Flow Ratio required under the financial covenants to 9.5:1.00 through and including\n \n December 31, 2025\n \n . The maturity date of the Updated Credit Facility is now\n \n March 20, 2027\n \n . All terms are defined in the Updated Credit Facility.\n \n\n \"This is an important and significant step in progressing our capital and debt plan, accomplished with the cooperation of lenders and constructive support of key debt investors,\" said\n \n John Gossling\n \n , Co-Chief Executive Officer and Chief Financial Officer. \"We are better positioned to create sustainability in our business, and we expect our efforts to right-size will be ongoing as we anticipate ongoing shifts and factors affecting our industry in the near term. That said, today's announcement clearly reinforces our commitment and ability to provide Canadians with the shows, news and audio content they love and expect from Corus.\"\n \n\n A copy of the Updated Credit Facility will be filed un...