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SunTrust Bank Agents $100MM Credit Facility for Kew Media Group

August 04, 2017, 07:00 AM
Filed Under: Media

Kew Media Group Inc. announced that the previously announced new credit facility in favor of its subsidiary, Content Media Corporation International Limited, has closed.

Under terms of the facility, a syndicate led by SunTrust Bank as administrative agent, with SunTrust Robinson Humphrey, Inc. acting as lead arranger and including The Toronto-Dominion Bank and Bank of Montreal as syndication agents, has provided Content Media with a five-year $100 million credit facility, with an additional $25 million accordion feature, which was increased from the previously announced $75 million due to syndication demand.

On closing of the facility, the Company drew down proceeds to repay Content Media’s previous facilities with JP Morgan and Comerica, which have terminated.

The interest rate on the new credit facility is variable, reflecting either the base rate or LIBOR rate (as applicable) plus the variable margin of 2.25%-2.5% for base rate loans and 3.25%-3.5% for LIBOR loans. The funds are available for Kew Media’s corporate purposes going forward.

“We are pleased to finalize this credit facility,” said Steven Silver, Chief Executive Officer of the Company. “Kew Media has a robust, active pipeline of attractive acquisition targets and the new facility increases our flexibility in negotiating potential transactions.”

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