BEIJING: Wanda Sports Group Company Limited Tuesday announced that the company signed a $240 million senior term loan facility agreement with Credit Suisse AG, Singapore Branch, enabling the Company to refinance and prepay its existing senior 364-day term loan facility, dated March 15, 2019.
Hengming Yang, president and CEO of Wanda Sports Group, said: “We are very pleased with the new credit facility. The successful refinancing demonstrates continued confidence in our business and operations, despite the global challenges and uncertainties resulting from COVID-19. We will continue to work diligently on behalf of our partners, athletes, fans and shareholders.”
Brian Liao, global CFO of Wanda Sports Group said: “As always, we are committed to lowering our costs, monitoring our use of cash, and balancing our investments with disciplined management of our existing financial resources to optimize shareholder returns. The new facility provides the Company with additional financial flexibility, while allowing it to take advantage of the current favorable interest rate environment to lower interest costs.”
The term of the new facility is 364 days. The pricing will initially be LIBOR plus an applicable margin, and the term is subject to certain mandatory prepayment terms.
Headquartered in China, Wanda Sports Group offers an array of events, marketing and media services through three primary segments: mass participation (Ironman series of endurance events), spectator sports and digital, production, sports solutions (DPSS).
