Hasbro to retire $400 million in floating-rate debt by year-end

Chicago, Aug. 4 – Hasbro, Inc. is expecting to retire a minimum of $400 million of floating-rate debt by the end of the year, according to a press release.

The company is selling its eOne film and TV business to Lionsgate for approximately $400 million, consisting of $375 million in cash and the assumption by Lionsgate of production financing loans.

The transaction is expected to close by the end of the year.

With the proceeds, the company will be working on the debt paydown and then also be using the funds for other general corporate purposes.

The divestment is in line with the company’s recent strategic review and in line with the company’s “Blueprint 2.0 strategy.”

J.P. Morgan and Centerview Partners served as lead financial advisers to Hasbro in the transaction. Cravath, Swaine & Moore LLP, Mayer Brown International LLP and Stikeman Elliott LLP are acting as legal counsel to Hasbro and Osler, Hoskin & Harcourt LLP are acting as legal counsel to Entertainment One Canada Ltd.

The toy and game company is based in Pawtucket, R.I.

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