CORUS ENTERTAINMENT ANNOUNCES AMENDMENT OF CREDIT FACILITIES
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February 17, 2023
TORONTO, February 17, 2023 – Corus Entertainment Inc. (“Corus” or the “Company”) (TSX: CJR.B) announced today that it has completed an agreement to amend (the “Amendment”) its Sixth Amended and Restated Credit Agreement with its bank group, led by RBC Capital Markets and TD Securities, dated March 18, 2022 (the “Credit Facility”). Pursuant to the Amendment, the maximum Total Debt to Cash Flow Ratio required under the financial covenants is increased through and including November 30, 2023. The Amendment also includes a financial covenant which, in the event that the Total Debt to Cash Flow Ratio exceeds a certain level, may restrict Distributions. All terms are defined in the Credit Facility.
A copy of the Amendment to the Credit Facility will be filed under the Company’s profile on SEDAR at www.sedar.com.
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About Corus Entertainment Inc.
Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops and delivers high quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company’s portfolio of multimedia offerings encompass 33 specialty television services, 39 radio stations, 15 conventional television stations, digital and streaming services, animation software, technology and media services. Corus is an internationally-renowned content creator and distributor through Nelvana, a world class animation studio expert in all formats and Corus Studios, a globally recognized producer of hit scripted and unscripted content. The company also owns full-service social digital agency so.da, lifestyle entertainment company Kin Canada, leading 2D animation software supplier Toon Boom and children’s book publishing house, Kids Can Press. Corus’ roster of premium brands includes Global Television, W Network, HGTV Canada, Food Network Canada, Magnolia Network Canada, The HISTORY® Channel, Showcase, Adult Swim, National Geographic, Disney Channel Canada, YTV, Global News, Globalnews.ca, Q107, Country 105, and CFOX, along with streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. Corus is the domestic advertising representative and an original content partner for Pluto TV, a Paramount Company, which is the leading free ad-supported streaming television (FAST) service. For more information visit www.corusent.com.
For further information, please contact:
Director, Investor Relations
Corus Entertainment Inc.
Director, Corporate Communications
Corus Entertainment Inc.