TORONTO --?Lionsgate has refinanced high-yield debt to lower its annual interest charges.
The mini-studio in a 8-K filing to the SEC on Monday said it did two separate transactions on July 19 for $450 million in new debt to replace existing borrowings.
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The first was a private placement for $225 million in new notes at 5.25 percent due 2018.
The second transaction saw Lionsgate secure term loans for another $225 million.
The moves are the latest as Lionsgate looks to lower debt costs and deleverage in the wake of the Summit Entertainment takeover.
Lionsgate will use the $450 million from the new notes and term loans to discharge 10.25 percent of senior secured second-priority notes due 2016.
The debt refinancing aims to lock in lower long-term interest rates and save Lionsgate around $20 million in annual interest expense.
Source: http://feedproxy.google.com/~r/thr/international/~3/muKm1wfVYG8/story01.htm
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