Stingray Successfully Completes Long Term Refinancing with a $500M Revolving Credit Facility, Enhancing Financial Flexibility
10 December 2024 - 5:56AM
Stingray Group Inc. (TSX: RAY.A; RAY.B) (“Stingray”), an industry
leader in music and video content distribution, business services,
and advertising solutions, today announced that it has successfully
completed the increase and extension of its existing credit
facility, providing additional liquidity for operations and M&A
activities. The refinancing consists of a $500 million revolving
credit facility maturing in December 2028.
"We are delighted to have the ongoing support from
our current banking syndicate and partners as we explore growth
opportunities," stated Eric Boyko, President, Co-founder, and CEO
of Stingray. "This new financing greatly enhances our current
liquidity and provides optionality for additional commitments as we
continue to evaluate and capitalize on market opportunities."
The credit facility is provided by a syndicate of
banks led by National Bank Financial Markets as Co-Lead Arrangers
and Sole Bookrunner, BMO Capital Markets and Fédération des Caisses
Desjardins du Québec as Co-Lead Arrangers and comprised of Royal
Bank of Canada, Canadian Imperial Bank of Commerce, The
Toronto-Dominion Bank, The Bank of Nova Scotia and Business
Development Bank of Canada.
About StingrayStingray Group Inc.
(TSX: RAY.A; RAY.B), a global music, media, and technology company,
is an industry leader in TV broadcasting, streaming, radio,
business services, and advertising. Stingray provides an array of
music, digital, and advertising services to enterprise brands
worldwide, including audio and video channels, over 100 radio
stations, subscription video-on-demand content, FAST channels,
karaoke products and music apps, and in-car and on-board
infotainment content. Stingray Business, a division of Stingray,
provides commercial solutions in music, in-store advertising
solutions, digital signage, and AI-driven consumer insights and
feedback. Stingray Advertising is North America's largest retail
audio advertising network, delivering digital audio messaging to
more than 30,000 major retail locations. Stingray has close to
1,000 employees worldwide and reaches 540 million consumers in 160
countries. For more information, visit
www.stingray.com.
Forward-Looking InformationThis
news release contains forward-looking information within the
meaning of applicable Canadian securities law. Such forward-looking
information includes, but is not limited to, information with
respect to Stingray's goals, beliefs, plans, expectations,
anticipations, estimates and intentions. Forward-looking
information is identified by the use of terms and phrases such as
"may", "would", "should", "could", "expect", "intend", "estimate",
"anticipate", "plan", "foresee", "believe", and "continue", or the
negative of these terms and similar terminology, including
references to assumptions. Please note, however, that not all
forward-looking information contains these terms and phrases.
Forward-looking information is based upon a number of assumptions
and is subject to a number of risks and uncertainties, many of
which are beyond Stingray's control. These risks and uncertainties
could cause actual results to differ materially from those that are
disclosed in or implied by such forward-looking information. These
risks and uncertainties include, but are not limited to, the risk
factors identified in Stingray's Annual Information Form for the
year ended March 31, 2024, which is available on SEDAR at
www.sedar.com. Consequently, all of the forward-looking information
contained herein is qualified by the foregoing cautionary
statements, and there can be no guarantee that the results or
developments that Stingray anticipates will be realized or, even if
substantially realized, that they will have the expected
consequences or effects on Stingray's business, financial condition
or results of operation. Unless otherwise noted or the context
otherwise indicates, the forward-looking information contained
herein is provided as of the date hereof, and Stingray does not
undertake to update or amend such forward-looking information
whether as a result of new information, future events or otherwise,
except as may be required by applicable law.
For more information, please contact:
Frédérique Gagnier
Director, Communications and Partnerships
Stingray
fgagnier@stingray.com
Stingray (TSX:RAY.B)
Historical Stock Chart
From Nov 2024 to Dec 2024
Stingray (TSX:RAY.B)
Historical Stock Chart
From Dec 2023 to Dec 2024