TiVo Corporation Announces Completion of Refinancing
November 25 2019 - 10:00AM
Business Wire
Enters Into $715M Term Loan Agreement
Significant Milestone for Potential Separation Reaffirms 2019 Full
Year Outlook
TiVo Corporation (NASDAQ: TIVO), TiVo Corporation (NASDAQ:
TIVO), the company that brings entertainment together, today
announced that on November 22, 2019, the Company entered into a new
$715.0 million five-year Term Loan Credit Agreement with HPS
Investment Partners, LLC as administrative and collateral agent,
plus a $60M Revolving Loan Credit Agreement with Morgan Stanley
Senior Funding, Inc. and Wells Fargo Bank, National Association.
TiVo used the proceeds of the new Term Loan Credit Agreement to
repay loans under its existing term loan B facility and add cash to
the balance sheet in anticipation of the spin-off of its Product
business. TiVo Corporation intends to pay-off the remaining balance
of its exiting 2020 Convertible Senior Notes when they mature with
cash on hand, and the Revolving Loan Credit Agreement provides
additional flexibility to facilitate the separation of the two
businesses.
“This is significant progress for TiVo as we prepare for a
separation of our IP Licensing and Product businesses. Getting the
right capital structure in place for both businesses was a critical
factor to the separation, and the agreement we are announcing today
is a major milestone towards TiVo becoming two independent
businesses,” commented Dave Shull, TiVo president and chief
executive officer. “We are also reaffirming the 2019 Full Year
Outlook provided on our last quarterly earnings call on November 7,
2019 as the terms of the new Term Loan Credit Agreement were
contemplated in providing such estimates. TiVo remains actively
involved in strategic discussions, while also preparing for a
separation into two independent companies by April of 2020.”
About TiVo
TiVo (NASDAQ: TIVO) brings entertainment together, making it
easy to find, watch and enjoy. We serve up the best movies, shows
and videos from across live TV, on-demand, streaming services and
countless apps, helping people to watch on their terms. For
studios, networks and advertisers, TiVo delivers a passionate group
of watchers to increase viewership and engagement across all
screens. Go to tivo.com and enjoy watching.
Forward Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements relate to, among other things, the future
financial results and success of the Company’s Product and IP
Licensing businesses and the timing and success of the Company's
plans to separate the Product and IP Licensing businesses into two
independent companies. These forward-looking statements are based
on TiVo’s current expectations, estimates and projections about its
business and industry, management’s beliefs and certain assumptions
made by the company, all of which are subject to change.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as, “future”, "believe,"
"expect," "may," "will," "intend," "estimate," "continue," or
similar expressions or the negative of those terms or expressions.
Such statements involve risks and uncertainties, which could cause
actual results to vary materially from those expressed in or
indicated by the forward-looking statements. Factors that may cause
actual results to differ materially include delays, whether inside
or outside the Company’s control, in the spin-off process as well
as the other potential factors described under "Risk Factors"
included in TiVo’s Quarterly Report on Form 10-Q for the three
months ended September 30, 2019 and Annual Report on Form 10-K for
the year ended December 31, 2018 and other documents of TiVo
Corporation on file with the Securities and Exchange Commission
(available at www.sec.gov). TiVo cautions you not to place undue
reliance on forward-looking statements, which reflect an analysis
only and speak only as of the date hereof. TiVo assumes no
obligation to update any forward-looking statements in order to
reflect events or circumstances that may arise after the date of
this release, except as required by law.
TiVo and the TiVo logo are registered trademarks of TiVo
Corporation and its subsidiaries worldwide.
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version on businesswire.com: https://www.businesswire.com/news/home/20191125005539/en/
Media Contact: Lerin O’Neill TiVo Corporation +1 (408)
562-8455 Lerin.ONeill@tivo.com
Investor Relations: Nicole Noutsios TiVo Corporation +1
510-315-1003 tivo@nmnadvisors.com
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