...March 25, 2025 This report does not constitute a rating action. Toronto (S&P Global Ratings) March 25, 2025--S&P Global Ratings today said that its ratings on Corus Entertainment Inc. (###-/Negative/--) are unchanged following the assignment of all secured bank debt to existing Canadian strategic debtholders. We understand that Corus' balance sheet debt is essentially unchanged and hence do not view this as selective default. The maturity date of the credit facility extended to March 2027 from March 2026. Corus entered into the eighth amendment with its new lenders to increase the maximum revolver borrowing capacity to $75 million from $65 million, remove certain requirements to use excess cash to repay the outstanding amounts, fix the interest rate per year--now equal to the two-year Canadian interest rate as of March 17, 2025, plus 4.75%--and increase the maximum total debt to cash flow covenant to 9.5x through and including Dec. 31, 2025. In our view, the new maturity of the secured...
