Hemisphere Media Announces Completed Amendment and Extension of Term Loan
Hemisphere Media Group, Inc. (NASDAQ:HMTV) ("Hemisphere" or the
"Company"), the only publicly traded pure-play U.S. media company
targeting the high growth Spanish-language television and cable networks
business in the U.S. and Latin America, announced today the successful
amendment and extension of its existing $213 million Senior Secured Term
Pricing on the amended term loan facility is LIBOR plus 350 basis points
with no LIBOR floor, decreasing the spread to LIBOR from the previous
facility by 50 basis points and eliminating the previous LIBOR floor of
1.00%. The refinancing also extends the maturity date of the Term Loan
to February, 2024, and was issued with a 0.5% original issue discount.
"We are pleased to have completed this refinancing, which reflects the
debt markets' confidence in our business and balance sheet," said Alan
Sokol, President and Chief Executive Officer of Hemisphere. "The
transaction extends the maturity of our term loan and reduces our cost
of borrowing, providing us with additional flexibility to continue
aggressively pursuing our strategic growth initiatives."
Statements in this press release and oral statements made from time to
time by representatives of the Company may contain certain statements
about the Company and its consolidated subsidiaries that are
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These include, but are not
limited to, statements relating to the Company's future financial and
operating results (including growth and earnings), plans, objectives,
expectations and intentions and other statements that are not historical
facts. These statements are based on the current expectations of the
management of the Company and are subject to uncertainty and changes in
circumstance, which may cause actual results to differ materially from
those expressed or implied in such forward-looking statements. Without
limitation, statements regarding the future effects of the amendment and
any statements preceded or followed by or that include the words
"targets," "plans," "believes," "expects," "intends," "will," "likely,"
"may," "anticipates," "estimates," "projects," "should," "would,"
"expect," "positioned," "strategy," "future," "potential," "forecast,"
or words, phrases or terms of similar substance or the negative thereof,
are forward-looking statements. These statements are based on a number
of assumptions that are subject to change. Factors that could cause
actual results to differ materially from those expressed or implied by
the forward-looking statements are discussed under the heading "Risk
Factors" and "Forward-Looking Statements" in the Company's most recent
annual report on Form 10-K filed with the Securities and Exchange
Commission ("SEC"), as they may be updated in any future reports filed
with the SEC. If one or more of these factors materialize, or if any
underlying assumptions prove incorrect, the Company's actual results,
performance, or achievements may vary materially from any future
results, performance or achievements expressed or implied by these
forward-looking statements. Forward-looking statements included herein
are made as of the date hereof, and the Company undertakes no obligation
to update publicly such statements to reflect subsequent events or
About Hemisphere Media Group, Inc.
Hemisphere Media Group, Inc. (NASDAQ:HMTV) is the only publicly traded
pure-play U.S. media company targeting the high growth Spanish-language
television and cable networks business in the U.S. and Latin America.
Headquartered in Miami, Florida, Hemisphere owns and operates five
leading U.S. Hispanic cable networks, two Latin American cable networks,
and the leading broadcast television network in Puerto Rico.
Hemisphere's networks consist of:
Cinelatino, the leading Spanish-language movie channel with over 17.5
million subscribers across the U.S., Latin America and Canada,
including 4.6 million subscribers in the U.S. and 13.0 million
subscribers in Latin America, featuring the largest selection of
contemporary Spanish-language blockbusters and critically-acclaimed
titles from Mexico, Latin America, Spain and the Caribbean.
WAPA, Puerto Rico's leading broadcast television network with the
highest primetime and full day ratings in Puerto Rico. Founded in
1954, WAPA produces more than 75 hours per week of top-rated news and
WAPA America, the leading cable network targeting Puerto Ricans and
other Caribbean Hispanics living in the U.S., featuring the
highly-rated news and entertainment programming produced by WAPA. WAPA
America is distributed in the U.S. to 5.2 million subscribers.
Pasiones, dedicated to showcasing the most popular telenovelas and
drama series, distributed in the U.S. and Latin America. Pasiones has
4.5 million subscribers in the U.S. and 11.1 million subscribers in
Centroamerica TV, the leading network targeting Central Americans
living in the U.S., the third-largest U.S. Hispanic group, featuring
the most popular news, entertainment and soccer programming from
Central America. Centroamerica TV is distributed in the U.S. to 4.1
Television Dominicana, the leading network targeting Dominicans living
in the U.S., featuring the most popular news, and entertainment
programming from the Dominican Republic. Television Dominicana is
distributed in the U.S. to 3.2 million subscribers.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170214005852/en/
Sloane & Company
Erica Bartsch, 212-446-1875
Source: Hemisphere Media Group, Inc.
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