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TiVo Corporation Announces Completion of Refinancing
By Business Wire
TiVo Corporation (NASDAQ: TIVO), TiVo Corporation (NASDAQ: TIVO), the company that brings entertainment together, today announced that on November 22, 2019, the Company entered into a new $715.0 million five-year Term Loan Credit Agreement with HPS Investment Partners, LLC as administrative and collateral agent, plus a $60M Revolving Loan Credit Agreement with Morgan Stanley Senior Funding, Inc. and Wells Fargo Bank, National Association. TiVo used the proceeds of the new Term Loan Credit Agreement to repay loans under its existing term loan B facility and add cash to the balance sheet in anticipation of the spin-off of its Product business. TiVo Corporation intends to pay-off the remaining balance of its exiting 2020 Convertible Senior Notes when they mature with cash on hand, and the Revolving Loan Credit Agreement provides additional flexibility to facilitate the separation of the two businesses.
“This is significant progress for TiVo as we prepare for a separation of our IP Licensing and Product businesses. Getting the right capital structure in place for both businesses was a critical factor to the separation, and the agreement we are announcing today is a major milestone towards TiVo becoming two independent businesses,” commented Dave Shull, TiVo president and chief executive officer. “We are also reaffirming the 2019 Full Year Outlook provided on our last quarterly earnings call on November 7, 2019 as the terms of the new Term Loan Credit Agreement were contemplated in providing such estimates. TiVo remains actively involved in strategic discussions, while also preparing for a separation into two independent companies by April of 2020.”
About TiVo
TiVo (NASDAQ: TIVO) brings entertainment together, making it easy to find, watch and enjoy. We serve up the best movies, shows and videos from across live TV, on-demand, streaming services and countless apps, helping people to watch on their terms. For studios, networks and advertisers, TiVo delivers a passionate group of watchers to increase viewership and engagement across all screens. Go to tivo.com and enjoy watching.
Contacts
Media Contact:
Lerin O’Neill
TiVo Corporation
+1 (408) 562-8455
Lerin.ONeill@tivo.com
Nicole Noutsios
TiVo Corporation
+1 510-315-1003
tivo@nmnadvisors.com