EVC - Entravision enters into $275M credit facility

2023-03-20 09:27:49 ET

• Entravision Communications ( NYSE: EVC ) has entered into a new $275M credit facility that incorporates a new term loan along with revolving credit.
• Entravision stock is down 1.3% premarket.
• The company's new facility replaces the existing one from Nov. 30, 2017, and consists of a $200M term loan A and a $75M revolver, led by Bank of America, Wells Fargo and JPMorgan Chase.
• “Our new facility extends the maturity of Entravision’s outstanding debt, while at the same time increases the flexibility of our strong balance sheet," said interim CEO/CFO Chris Young. "We remain well-capitalized as we continue to execute on our long-term strategic plan and show leadership in the global digital media industry.”
• The company expects to use the funds for working capital, acquisitions and other general purposes.

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