Corus Announces Extension Of Credit Facilities
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December 6, 2017
CORUS ANNOUNCES EXTENSION OF CREDIT FACILITIES
TORONTO, December, 6, 2017 – Corus Entertainment Inc. (TSX: CJR.B) announced today that it has completed an agreement to amend and extend the terms of its existing credit facility with its bank group, led by RBC Capital Markets and TD Securities. Pursuant to the amendment, the term facility under the credit facility was adjusted from $2.3 billion to $2.1 billion, reflecting principal repayments made since the facility was established, and the maturity dates were extended to November 2021 (tranche 2) and November 2022 (tranche 1). The maturity date for the $300 million revolving facility has also been extended to November 2021. A copy of the amendment to the credit agreement has been filed on SEDAR at www.sedar.com.
The credit facility was originally established in connection with the closing of Corus’ acquisition of Shaw Media Inc. to partially fund the purchase price for the acquisition and to replace the company’s existing credit facilities. As at August 31, 2017, 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 purposes.
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About Corus Entertainment Inc.
Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that creates and delivers high quality brands and content across platforms for audiences around the world. The company’s portfolio of multimedia offerings encompasses 45 specialty television services, 39 radio stations, 15 conventional television stations, a global content business, digital assets, live events, children’s book publishing, animation software, technology and media services. Corus’ roster of premium brands includes Global Television, W Network, OWN: Oprah Winfrey Network Canada, HGTV Canada, Food Network Canada, HISTORY®, Showcase, National Geographic Channel, Q107, CKNW, Fresh Radio, Disney Channel Canada, YTV and Nickelodeon Canada. Visit Corus at www.corusent.com.
For media inquiries, please contact:
John Gossling, FCPA, FCA
Executive Vice President and Chief Financial Officer
Corus Entertainment Inc.
Vice President, Communications
Corus Entertainment Inc.