Business
WILDBRAIN ANNOUNCES NEW US $415 MILLION SENIOR SECURED CREDIT FACILITY
WILDBRAIN ANNOUNCES NEW US $415 MILLION SENIOR SECURED CREDIT FACILITY Canada NewsWire ...
About this update from Wildbrain Ltd.
[{"type":"text","content":"\n \n \n \n WILDBRAIN ANNOUNCES NEW US $415 MILLION SENIOR SECURED CREDIT FACILITY\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n New Senior Secured Credit Facility fully funds the repayment of WildBrain's outstanding convertible debentures and extends its corporate debt maturities to 2029\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 23, 2024\n \n \n /CNW/ - WildBrain Ltd. (\"\n \n WildBrain\n \n \" or the \"\n \n Company\n \n \") (TSX: WILD), a global leader in kids' and family entertainment, has entered into an agreement with a group of private lenders, led by\n \n Sagard\n \n and Comvest Credit Partners, for a new five-year US\n \n $415 million\n \n Senior Secured Credit Facility consisting of a\n \n $375 million\n \n term loan and a\n \n $40 million\n \n revolving credit facility (the \"New Facilities\"), bearing interest of SOFR plus a range of 5.5% to 6%, depending on the Company's total leverage ratio. Proceeds from the New Facilities will be used to fully repay the Company's existing Term Loan, due\n \n March 2028\n \n , and Revolving Facility, due\n \n July 2024\n \n . In addition, proceeds from the New Facilities, along with working capital and proceeds of CA\n \n $7,250,000\n \n from the exercise of outstanding warrants, have been deposited in escrow with Computershare and will be used to fully repay the Company's Convertible Unsecured Subordinated Debentures (the \"Convertible Debentures\"), due\n \n September 2024\n \n .\n \n \n \n \n \n \n \n \n \n \n Josh Scherba\n \n , WildBrain's President and CEO, said: \"This comprehensive plan to refinance our debt and repay our debentures extends our debt maturity as we continue to execute on a growth strategy focused on key franchises and partnerships in the kids' and family entertainment space. More than ever, major players such as Netflix, Apple TV+, Supercell, SEGA and LEGO are turning to WildBrain for our 360-degree expertise in Content Creation, Audience Engagement and Global Licensing.\n \n Sagard\n \n is a leader in private cred...