TORONTO, Oct. 25, 2024 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) ("Corus" or the "Company") announced today that it has completed an agreement to amend and restate its existing syndicated, senior secured credit facilities with its bank group, led by RBC Capital Markets and TD Securities, as co-leads (the "Restated Credit Facility"). The Restated Credit Facility was amended and restated to, among other things, reduce the total limit on the Revolving Facility to $150 million from $300 million, with ability for the Company to request advances up to $65 million, and increase the maximum total debt to cash flow ratio required under the financial covenants to 5.75 through to and including December 31, 2024 and 7.25 from January 1, 2025 through to and including March 31, 2025. There continue to be requirements for the Company to use any excess cash to repay outstanding balances on the Revolving Facility. Certain other terms relating to the use of proceeds on asset disposals, the ability to incur certain indebtedness and reporting requirements have also been updated. The maturity date for the Restated Credit Facility is now March 18, 2026.
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