MONTREAL – Cogeco Diffusion said Wednesday that it has sold two of its four Québec City region FM radio stations to Leclerc Communication Inc. Financial terms of the deal were not disclosed.
The sale of CJEC-FM and CFEL-FM comes at the behest of the CRTC which required Cogeco to sell off some of the stations that it acquired from Corus in order to comply with the common ownership policy in the Québec City and Sherbrooke markets.
The company said in a statement that proceedings for the sale of CJTS-FM in Sherbrooke are continuing.
In other company news, Cogeco Inc. has renewed its credit agreement for a $100 million credit facility in the form of a four-year term revolving facility.
Maturing on February 1, 2016, the renewed term revolving facility extends Cogeco’s borrowing flexibility and provides continued liquidity within a strong capital structure. The company said that the facility will be used for general corporate purposes and to facilitate growth opportunities.
