LionsGate exchanges ~$383M of 5.5% notes due 2029; new notes to support Studio Business separation

STARZ ENTERTAINMENT CORP /CN/

Exchange agreement for $383M aggregate principal of existing 5.500% Senior Notes due 2029 into new notes.
Pre-separation: New Notes bear 5.500% interest, mature 2029. Post-separation: 6.000% rate, maturity extended to 2030.
Exchange enhances balance sheets of both Studio and STARZ businesses in anticipation of full separation.
Completion subject to customary closing conditions; Wachtell Lipton advised Lionsgate.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

STARZ ENTERTAINMENT CORP /CN/ entered into Exchange Agreement with certain holders of 5.500% Senior Notes due 2029 valued at approximately $383 million (effective 2024-05-02).

Action: entry
Agreement: notes offering
Counterparty: certain holders of 5.500% Senior Notes due 2029
Value: approximately $383 million
Effective: 2024-05-02

Exact text from the filing

On May 2, 2024, Lions Gate Entertainment Corp. (the “ Company ”) entered into an Exchange Agreement (together with all annexes and schedules thereto, the “ Exchange Agreement ”) with Lions Gate Capital Holdings 1, Inc. (“ LGCH1 ”), Lions Gate Capital Holdings LLC (“ LGCH ”, and together with the Company and LGCH1, the “ Company Parties ”) and certain holders of 5.500% Senior Notes due 2029 (the “ Existing Notes ”) previously issued by LGCH (such holders, the “ Noteholder Parties ”, and together with the Company Parties, the “ Parties ”) pursuant to which the Parties agreed to enter into a private exchange of the Noteholder Parties’ Existing Notes for new 5.500% Exchange Notes due 2029 (the “ New Notes ”) to be issued by LGCH1.

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Source: SEC EDGAR

accession 0001193125-24-129871

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