RLJ Entertainment Completes Debt Refinancing And Fully Repays Subordinated Debt
Refinancing Reduces Associated Cost of Debt by 500 Basis Points
SILVER SPRING, Md., Feb. 1, 2017 /PRNewswire/ -- RLJ Entertainment, Inc. ("RLJ Entertainment," "RLJE" or "the Company") (NASDAQ: RLJE) today announced that it completed the refinancing of its subordinated debt issued in 2012.
The Company amended its credit facility with AMC Networks to, among other things, expand the Tranche A Term Loan from $5 million to $13 million to repay the subordinated debt, extend the maturity date of the Tranche A Term Loan to June 30, 2019, and modify the related financial covenants to reflect the repayment and extended maturity date.
"We are pleased with the continued support from AMC Networks shown by this refinancing which allowed us to eliminate our subordinated debt and reduce our debt servicing costs. The refinancing provides us with financial flexibility to focus on growing our digital channels, Acorn TV and UMC, and accelerate content investment," said Miguel Penella, Chief Executive Officer of RLJ Entertainment.
About RLJ Entertainment, Inc.
RLJ Entertainment, Inc. (NASDAQ: RLJE) is an entertainment content distribution company in primarily North America, the United Kingdom, and Australia. RLJ Entertainment's titles are distributed in multiple formats including broadcast television (including satellite and cable), theatrical and non-theatrical, DVD, Blu-Ray, digital download, and digital streaming.
With its popular OTT branded channels, Acorn TV (British TV) and UMC (Urban Movie Channel), RLJ Entertainment targets distinct, premium audiences and Urban niche audiences. The company grows its proprietary digital channels through development, acquisition, and distribution of exclusive rights of program franchises and feature film content.
Through Acorn Media Enterprises, its UK development arm, RLJE owns all rights to the hit UK mystery series Foyle's War and is developing new programs. RLJE owns 64% of Agatha Christie Limited, which manages the intellectual property and publishing rights to some of the greatest works of mystery fiction, including stories of the iconic sleuths Miss Marple and Poirot.
For more information, please visit RLJEntertainment.com, Acorn.TV, and UrbanMovieChannel.com.
Contact:
Traci Otey Blunt, 301-830-6204
RLJ Entertainment, Inc.
[email protected]
SOURCE RLJ Entertainment, Inc.
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