ARMONK, N.Y., May 2, 2017 /PRNewswire/ -- Production Resource Group, L.L.C. and Production Resource Group. Inc. (collectively the "Company") has completed a refinancing which included the creation of a new $180 million Second Lien Credit facility, the amendment of its existing ABL Credit Facility and the amendment of its existing Second Lien Facility which, as a result of the creation of the new facility, has become a Third Lien Facility. The refinancing created additional liquidity for the Company by increasing borrowing capacity and reducing total debt.
The new Second Lien Facility and the amended Third Lien Facility added the Company's UK and Canadian subsidiaries as guarantors. In connection with the financing, the indenture governing the Senior Notes ("Indenture") was amended to delete various covenants. The new Second Lien Facility has a stated maturity date of January 14, 2019.
Jere Harris, Chairman and CEO of PRG stated, "I am delighted we were able to complete a successful refinancing which allows PRG to continue to flourish. It is a testament to the Company and its long-standing lenders that we were able to close a favorable financing in a highly complex transaction. I am grateful to our lenders and all of the professionals who made the transaction possible."
About Production Resource Group
PRG is the world's leading provider of entertainment and event technology solutions. PRG provides comprehensive and discreet services to an array of clients in the live music, TV/Film, Broadway, sports, gaming, corporate experiential and live events markets. Clients and partners depend on PRG's innovation, experience and depth of experience in audio, video, lighting, rigging, staging, and scenery and automation systems to bring their stories to life. With 44 offices across North America, South America, Europe, Middle East, Asia, and Australia, PRG has capabilities to provide services worldwide. For more information, please visit www.prg.com
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SOURCE Production Resource Group LLC