Astral secures additional financing
By Adnews Staff
Astral Media of Montreal has signed a new credit agreement giving the company access to $700 million in financing in the form of a five-year unsecured revolving facility. The agreement also provides for an additional $300 million accordion feature. This new financing will replace an existing $100 million revolving facility. The proceeds will be used to reimburse a current $525 million loan in Oct. 2012 and for general corporate purposes. The financing is being provided by a group of banks led by National Bank Financial Markets, RBC Capital Markets and BMO Capital Markets. "We are very pleased to announce that we have secured this new facility at very attractive pricing which will not only result in significant savings in debt service costs but also provide Astral with additional flexibility to continue to execute its strategic plan," said Robert Fortier, the company's vice-president of finance.