MONTREAL, March 8, 2023 /PRNewswire/ — Cirque du Soleil Entertainment Group (“Cirque du Soleil” or “the Company”), a global leader in live entertainment, announced today that it has successfully closed a US$550 million term loan B issuance to refinance its existing debt, and issued a new US$100 million revolving credit facility. With this transaction, the Company reduced its total debt by over US$100M and further deleveraged its balance sheet. The refinancing will result in significant interest cost savings, which will enhance the Company’s financial position and increase cash flow.
“We are delighted to have successfully completed this refinancing and established a new credit facility that will provide us with the flexibility to continue to innovate, pursue strategic initiatives, and invest in growth opportunities,” said Emmanuelle Leclerc-Granger, Chief Financial Officer of Cirque du Soleil Entertainment Group. “We are grateful for the support of our lenders and investors, who share our vision for the future of the Company, and we are confident in our ability to continue to deliver exceptional experiences to our audience around the world.”
In conjunction with the refinancing, Standard & Poor’s and Moody’s have increased their corporate credit rating on Cirque du Soleil Entertainment Group to B+/B2 (stable outlook) from B/B3 (stable outlook), marking the third/second consecutive upgrades received from the agencies in the last year.
“We are thrilled to have received these rating upgrades from Standard & Poor’s and Moody’s, which recognize our ongoing efforts to strengthen our financial position and drive sustainable growth,” added Emmanuelle Leclerc-Granger. “This transaction reflects our commitment to maintaining a strong balance sheet and liquidity position, while also investing in our business to ensure a bright future for our audience and partners.”
About Cirque du Soleil Entertainment Group
Cirque du Soleil Entertainment Group is a world leader in live entertainment. In addition to producing world-renowned circus arts shows, the Company brings its creative approach to a large variety of entertainment forms, such as multimedia productions, immersive experiences, and special events. Through its creations, Cirque du Soleil Entertainment Group aims to impact people, communities, and the planet positively. For more information about Cirque du Soleil Entertainment Group, please visit CDSentertainmentgroup.com.
SOURCE Cirque du Soleil
Originally published at https://www.prnewswire.com/news-releases/cirque-du-soleil-entertainment-group-announces-refinancing-of-corporate-debt-301766282.html
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