Corus Entertainment Inc. HY note issuance and restatement of credit facilities

Industry: Entertainment - Film, motion picture, recording industry

On May 11, Corus Entertainment Inc. (Corus) completed its offering of $500 million aggregate principal amount of five per cent senior unsecured notes due May 11, 2028 (Notes). The offering was announced last Apr. 23 and the Notes were offered through an underwriting syndicate led by RBC Capital Markets, TD Securities and Scotiabank, as joint bookrunners.

On May 31, Corus completed an agreement to amend and restate its existing syndicated senior secured credit facilities in the aggregate amount of over $1.2 billion, consisting of a $0.9 billion term loan and a $300 million revolving credit facility, led by RBC Capital Markets and TD Securities. The term facility was adjusted from $1.8 billion to $0.9 billion reflecting principal repayments made since the term loan was last amended including from the net proceeds of Notes.

Dentons Canada LLP represented Corus with a team led by
Dan Shea (securities),
Bill Jenkins (corporate/securities),
Stephanie Campbell (banking),
and which included
Jessica Myers (securities),
Dan Cerchia (securities),
Mark Kolapak (banking),
Kevin Horan (banking),
Seema Patel (securities).

Pitblado LLP’s Thomas Turner acted as Corus’s Manitoba counsel.

Corus’s in-house team included
John Gosling,
Doug Sharpe,
Peter Morley,
Stefanie Sebanc.

McCarthy Tétrault LLP represented the underwriters and syndicated lenders with a team led by
Gordon Baird (banking),
Andrew Parker (securities),
Noel Chow (banking),
and which included
Jeremy Pleasant (securities),
Victoria Zed (securities),
Cristina Arantes (banking).