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National Bank of Canada Leads Stingray Group’s Refinancing of Credit Facilities

October 19, 2021, 07:34 AM
Filed Under: Media

Stingray Group, a leading music, media and technology company, successfully completed the increase and extension of its existing credit facilities, providing additional liquidity for operations and M&A activities. The $442.5 million credit facilities consist of a $375 million revolving credit facility and a $67.5 million term loan, both maturing in October 2026. The renewed terms include incremental commitments up to $100 million upon request, subject to predetermined conditions. The pre-existing sub debt of $32 million maturing in October 2023 combined with the credit facilities described above accounts for total flexibility of up to $574.5 million.

The credit facilities are provided by a syndicate of banks led by National Bank of Canada, Bank of Montreal and Fédération des Caisses Desjardins as Co-Lead Arrangers, and comprised of Canadian Imperial Bank of Commerce, The Toronto-Dominion Bank, Scotiabank, HSBC Bank Canada, Royal Bank of Canada, Business Development Bank of Canada and Investissement Québec.

“We are pleased to have the continued commitment from our existing banking syndicate and partners as we pursue growth opportunities,” said Eric Boyko, President, Co-founder, and CEO of Stingray. “This new financing significantly increases our existing liquidity and allows for additional commitments as we continue to assess and realize upon opportunities in the marketplace.”

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