9 Dec 2015 07:00
Date: 9 December 2015On behalf of: Entertainment One Ltd. ("the Company")
Embargoed: 0700 hours
Entertainment One Ltd.
Response to share price movement
Entertainment One Ltd. notes the movement in its share price and can confirm that the Company continues to trade in line with full year Group underlying earnings expectations.
The Company has recently announced that it has priced its £285 million offering of 6.875% senior secured notes (7 year tenor, due December 2022), refinancing its existing credit facilities in full. The Company's new financing structure includes a new five year £100 million revolving credit facility, maturing in December 2020, which will be undrawn on close. The Company's pro forma cash balance under the facility (giving pro forma effect to the bond refinancing and the Company's recent rights issue) was £66.5 million as at 30 September 2015.
The combination of this new non-amortising, fixed-rate debt financing and revolving credit facility provides the Company with a long term capital structure appropriate for its strategic ambitions. In addition, the refinancing permits greater flexibility by relieving constraints and costs the Company historically suffered when undertaking acquisitions and other corporate activity, and allows the Company to react swiftly to commercial opportunities, whilst also removing other restrictions typical of bank loan-based financing structures.
The Company continues to have confidence in its target of doubling the size of the business by 2020, with strong organic growth and carefully targeted acquisitions, and will issue a trading update during the fourth quarter of the financial year, in the usual way.
Enquiries:
Redleaf Communications
Emma Kane/Rebecca Sanders-Hewett +44(0)20 7382 4730
eOne@redleafpr.com
Entertainment One Ltd.
Giles Willits/Patrick Yau +44(0)20 3714 7931
Notes to Editors:
About Entertainment One Ltd.
Entertainment One Ltd. (LSE:ETO) is a leading international entertainment group focused on the acquisition, production and distribution of film, television, music and family content for distribution through multiple media channels across the Group's global network. The Company's comprehensive network extends around the globe including Canada, the US, the UK, Ireland, Spain, the Benelux, France, Germany, Scandinavia, Australia, New Zealand and South Africa.
Through its established Film and Television Divisions, the Group provides extensive expertise in film distribution, film, television and music production, family programming, merchandising and licensing and digital content. The Group's current content library is exploited across all media formats and includes more than 40,000 film and television titles, 4,500 hours of television programming and 45,000 music tracks.
Further information is available at www.entertainmentone.com or email Redleaf Communications at eone@redleafpr.com.