17 Sep 2008 07:00
Entertainment One Ltd.
Announcement of new four-year $150 million credit facility led by JP Morgan
Highlights:
New $150 million revolving credit facility led by JP Morgan
Replaces existing debt facilities and provides additional capital
Valuation of content library in excess of $175 million
E1 ("E1" or the "Company") today announces that it has agreed a new four-year $150 million senior credit facility led by JP Morgan. This will replace the Company's existing debt facilities and will provide additional capital to the Company for continued future growth. Along with JP Morgan, participating banks also include Bank of America, Barclays and Toronto Dominion Bank.
As part of the financing, E1 has commissioned an independent third party report that has valued its film and music library - which currently includes over 3,700 film titles and approximately 15,000 music tracks - in excess of $175 million.
Darren Throop, CEO of E1 said, "This new facility is another key element of the company's strong balance sheet, supporting our strategy to build the world's leading independent international film and television distribution business. The Company now has additional capital to pursue further opportunities for additional growth in our core markets."
"The $175 million plus content library highlights the value we are creating as we develop the business," added Mr Throop.
David Shaheen, Managing Director of JP Morgan said, "Securing this facility in the current market is a significant achievement for E1, and is testament to the success of the business and the belief in the Company's ability to achieve its ambitions."
Since listing on AIM in March 2007, E1 has made significant progress in rapidly building an international film distribution business. In July 2008, the Company announced the acquisitions of Blueprint Entertainment Corp. and Barna-Alper Productions Inc., the Canadian television production business alongside Maximum and Oasis Pictures Inc., the Canadian film and television distribution businesses. These followed the acquisitions last year of Contender in the UK, Seville in Canada and RCV in Holland and Belgium.
Enquiries:
| Quiller Consultants | John Eisenhammer | 020 7233 9444 |
| Edelman (North America) | Freda Colbourne/Shane Dolgin | 416-979-1120 |
| Entertainment One | Giles Willits | 020 7004 2755 |
| Kaupthing Singer & Friedlander Capital Markets Limited (NOMAD) | James Maxwell / Marc Young | 020 3205 7500 |
Notes to Editors:
Entertainment One Ltd. (LSE: ETO) AIM listed, Entertainment One is a leading international entertainment company with operations in Canada, the U.S, Holland, Belgium and the UK, where it distributes, acquires and owns filmed entertainment and music content in all media. The Company's strategy is to build a leading international independent entertainment content ownership and distribution business which acquires films, television programmes and music content and exploits these rights in all media throughout the world. Entertainment One also owns Koch Entertainment, the largest independent record label in North America and a leading independent distributor of music and video in the United States. www.entertainmentonegroup.com