Milbank has advised Entertainment One (eOne) on its offering of GBP285 million 6.875 per cent senior secured notes due 2022 and a new GBP100 million revolving credit facility (the RCF) due 2020.
The successful issuance of the Notes, despite difficult market conditions, particularly in sterling-denominated notes, and the RCF has strengthened eOne’s financial position and extended its debt maturities to 2020 and beyond.
As a part of the refinancing process, Milbank worked with eOne to create a framework to exit eOne’s existing credit facilities, which were due to mature in 2018, and supply it with the flexibility the growing first-time issuer needed. The first phase of the process included amending the existing credit facility in January 2015 to increase flexibility in the short-term, which enabled eOne to complete their acquisition of The Mark Gordon Company, the producer of Grey’s Anatomy. Subsequently, reacting to an uptick in the high yield market in November, Milbank and eOne were able to put together the flexible financing package.
The multi-faceted transactions saw Milbank providing advice on US federal securities, New York, California and Delaware law, as well as English law, from the perspective of securities, leveraged finance and tax, amongst other fields. Latham & Watkins, Morgan, Lewis & Bockius and Baker & McKenzie provided advice to the lenders and initial purchasers.
The Milbank team was led by London-based US global securities partner Tim Peterson, assisted by Leah Pinto, Shoshanna Harrow and Riccardo Maddalosso and NY-based leveraged finance partner Michael Bellucci, assisted by Laura Larsen, George Zhang and Emily Rutcofsky. English law advice was provided by partner Neil Caddy, assisted by Michelle Gilmore and Fergus O’Domhnaill, while US tax advice was provided by Erika Hauser and English and European tax advice was provided by Luke Vassay.
Entertainment One Ltd. (LSE:ETO) is an international entertainment company that specialises in the acquisition, production, distribution and exploitation of film, television and family content. The Company's network extends around the globe including Canada, the US, the UK, Ireland, Spain, the Benelux, France, Germany, Scandinavia, Australia, New Zealand and South Africa.
