Cinram Closes Refinancing Plan12 Apr, 2011 By: Chris Tribbey
Cinram April 11 completed its refinancing and recapitalization plan, with its current lenders agreeing to extend the replicator’s credit line through 2013.
“This refinancing and recapitalization transaction is a very positive development for Cinram,” said John Bell, Cinram chief financial officer. “Cinram has, through this refinancing, significantly strengthened and solidified its financial position, providing a sound foundation for the growth of the business and creation of value for stakeholders.”
The plan has the company reducing its existing term debt from $367 million by $120 million. 20th Century Fox Home Entertainment, Lionsgate and Warner Music Group are among Cinram’s key accounts.