Hollywood Video Pays It Down13 Nov, 2002 By: Hive News
Hollywood Entertainment Corp. announced today it is prepaying its debt amortization payments that are due March 31 and June 30, 2003 on its senior secured term facility.
The company's cash flow continues to exceed its targeted projections, a spokesperson said, which allows the Hollywood Video's parent to continue to invest in growth and accelerate its debt reduction.
Long-term debt in the company's quarter ending Sept. 30, including the current portion, was $388.1 million and its 12-month trailing EBITDA was $226.3 million. The company plans to continue executing plans to improve its leverage ratio by increasing profits and reducing debt.