Mood Media Announces Amendment to Credit Agreement
November 23 2016 - 10:20AM
Business Wire
Mood Media Corporation (TSX:MM) (“Mood Media” or the “Company”),
announced that effective today it has entered into the First
Amendment to Credit Agreement (the “Amendment”) which amends its
Credit Agreement, dated as of May 1, 2014, among Mood Media
Corporation, the guarantors thereto, Credit Suisse AG, as
administrative agent and a syndicate of lenders.
The primary modifications to the Credit Agreement implemented by
the Amendment are:
- Elimination of the provision that
permitted proceeds from asset dispositions, not otherwise used to
prepay outstanding loans, cash collateralized letters of credit or
for reinvestment, to prepay the Company’s 9.25% Senior Unsecured
Notes, due 2020.
- Reduction of the eligible amount of
investment in equity interests, loans and advances made by the
Company or its subsidiary guarantors to its non-guarantor
subsidiaries to $20 million from $40 million.
- Addition of a 2.00:1.00 secured
leverage ratio as a maximum threshold required prior to making
permitted restricted payments, as defined in the credit
agreement.
- Maintenance of the interest coverage
ratio used for covenant purposes at 1.50:1.00 until maturity. This
covenant ratio had been scheduled to step up to 1.75:1.00 at March
31, 2017.
Steve Richards, the Company’s President and Chief Executive
Officer, stated, “We are very pleased to have received the support
of our First Lien lender group for this Amendment. The Amendment
preserves the same interest coverage operating flexibility through
maturity that we have had since the May 2014 inception of the First
Lien facilities, and permits management to continue to focus on the
execution of Mood’s transformation agenda.”
The Company’s first lien term loan and revolving credit
commitments are scheduled to mature in May, 2019.
About Mood Media
Corporation:
Mood Media (TSX:MM) is the global leader in elevating Customer
Experiences. With more than 500,000 active client locations around
the globe, Mood combines sight, sound, scent, social mobile
technology and systems to create greater emotional connections
between brands and consumers. Mood’s clients include businesses of
all sizes and market sectors, from the world’s most recognized
retailers and hotels to quick-service restaurants, local banks and
thousands of small businesses. For more
details: http://us.moodmedia.com/.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking statements. The
words "believe," "expect," "anticipate," "estimate," "intend,"
"may," "will," "would", “is planning” and similar expressions and
the negative of such expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. These forward-looking
statements are subject to important assumptions, including the
following specific assumptions: general industry and economic
conditions; and changes in regulatory requirements affecting the
businesses of Mood Media. While Mood Media considers these factors
and assumptions to be reasonable based on information currently
available, they are inherently subject to significant uncertainties
and contingencies and may prove to be incorrect.
Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements.
Such factors include, but are not limited to: the impact of general
market, industry, credit and economic conditions, currency
fluctuations as well as the risk factors identified in Mood Media's
Management Discussion and Analysis dated November 9, 2016 and Mood
Media's annual information form dated March 30, 2016, both of which
are available on www.sedar.com.
Given these uncertainties, readers are cautioned not to place
undue reliance on such forward-looking statements. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, Mood Media.
Forward-looking statements are given only as at the date hereof
and Mood Media disclaims any obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
laws.
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version on businesswire.com: http://www.businesswire.com/news/home/20161123005441/en/
Mood Media CorporationInvestor Inquiries:Randal Rudniski,
+1-512-592-2438randal.rudniski@moodmedia.comorNorth America
Media Inquiries:Scott Moore,
+1-512-583-8686scott.moore@moodmedia.com
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