Wanda Sports Group Successfully Completes Refinancing
March 17 2020 - 11:15AM
Wanda Sports Group Company Limited (NASDAQ: WSG) (the “Company”)
today announced that the Company signed a $240 million senior term
loan facility agreement with Credit Suisse AG, Singapore Branch,
enabling the Company to refinance and prepay its existing senior
364-day term loan facility, dated March 15, 2019.
Mr. Hengming Yang, President and CEO of Wanda
Sports Group said, “We are very pleased with the new credit
facility. The successful refinancing demonstrates continued
confidence in our business and operations, despite the global
challenges and uncertainties resulting from COVID-19. We will
continue to work diligently on behalf of our partners, athletes,
fans and shareholders.”
Mr. Brian Liao, Global CFO of Wanda Sports Group
said, “As always, we are committed to lowering our costs,
monitoring our use of cash, and balancing our investments with
disciplined management of our existing financial resources to
optimize shareholder returns. The new facility provides the Company
with additional financial flexibility, while allowing it to take
advantage of the current favorable interest rate environment to
lower interest costs.”
The term of the new facility is 364 days. The
pricing will initially be LIBOR plus an applicable margin, and
the term is subject to certain mandatory prepayment
terms. These and the other principal terms of the new facility
are outlined further in a Form 6-K (Report of Foreign Private
Issuer) submitted today to the U.S. Securities and Exchange
Commission.
Cautionary Statement Regarding
Forward-Looking Statements This announcement contains
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking
statements can be identified by terminology such as “will,”
“estimate,” “project,” “predict,” “believe,” “expect,”
“anticipate,” “intend,” “potential,” “plan,” “goal” and similar
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
All forward-looking statements speak only as of the date of this
press release and are expressly qualified in their entirety by the
cautionary statements included in this press release. The Company
disclaims any obligation to update or revise forward-looking
statements that may be made to reflect events or circumstances that
arise after the date made or to reflect the occurrence of
unanticipated events, other than as required by law.
About Wanda Sports GroupWanda
Sports Group is a leading global sports events, media and marketing
platform with a mission to unite people in sports and enable
athletes and fans to live their passions and dreams. Through our
businesses, including Infront and The IRONMAN Group, we have
significant intellectual property rights, long-term relationships
and broad execution capabilities, enabling us to deliver unrivalled
sports event experiences, creating access to engaging content and
building inclusive communities. We offer a comprehensive array of
events, marketing and media services through three primary
segments: Mass Participation, Spectator Sports and Digital,
Production, Sports Solutions (DPSS). Our full-service platform
creates value for our partners and clients as well as other
stakeholders in the sports ecosystem, from rights owners, to brands
and advertisers, and to fans and athletes.
Headquartered in China, Wanda Sports Group has
more than 60 offices and 1,600 employees around the world.
For more information, please visit
http://investor.wsg.cn/investor-relations.
For more information, please contact:Wanda
Sports GroupEdith Kwanir@wsg.cn
Sard Verbinnen & CoRon Low or Paul
ScarpettaWandaSports-SVC@SARDVERB.com
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