Stingray extends C$420 million loans, adds option to increase size

By Taylor Fox

New York, Oct. 9 – Stingray Group Inc. completed the increase and extension of its existing credit facilities, according to a news release.

The C$420 million credit facilities consist of a C$325 million revolving credit facility and a C$75 million term loan, both maturing in October 2023, and the pre-existing C$20 million term loan, maturing in May 2021.

The renewed terms add incremental commitments up to C$100 million upon request, subject to predetermined conditions.

The pre-existing sub debt of C$40 million maturing in October 2023, combined with the new credit facilities, accounts for total flexibility of up to C$560 million.

The increase and extension will provide additional liquidity for operations and M&A activities with improved terms and conditions, the company said.

The credit facilities are provided by a syndicate of banks led by National Bank of Canada as sole lead arranger and bookrunner and comprised of Bank of Montreal, Federation des Caisses Desjardins, Canadian Imperial Bank of Commerce, the Toronto-Dominion Bank, Royal Bank of Canada, Scotiabank, HSBC Bank Canada, Business Development Bank of Canada and Investissement Quebec.

Stingray is a Montreal-based provider of business-to-business multi-platform music and in-store media solutions.

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