TORONTO – Score Media Inc. today announced that it has entered into a $15 million credit facility with a Canadian chartered bank.
The credit facility is comprised of a $10 million, 5-year term loan maturing on August 31, 2010, and a $5 million revolving credit facility.
Score Media’s primary asset is sports specialty service The Score.
The proceeds of the loans made under this new credit facility will be used to retire all existing credit facilities of Score Media and its wholly-owned subsidiary, The Score Television Network Ltd., as well as for general corporate purposes. The credit facility is subject to financial and operational covenants customary for this type of facility.
"This new credit facility, at the parent company level, represents an endorsement of the continued growth of our company," said Patrick Michaud, executive vice-president and CFO.
