has arranged a $260 million term loan to help get the company through the coronavirus-driven revenue crisis at the same time that it launches a broad cost-cutting initiative.. Endeavor has been known to be looking for financial alternatives since last fall when the parent of UFC, WME, IMG and other entities was forced to table its planned IPO.
The company was already dealing with free cash flow concerns when the extraordinary COVID-19 lockdowns brought the curtain down on sports, concerts, festivals and other live event businesses that are central to Endeavor’s businesses. The shutdown of film and TV production and music touring promises to be a hardship for WME and IMG.
The Journal reported that the new loan is a supplement to an existing $2.8 billion term loan. Endeavor’s credit rating has been downgraded in recent weeks by Moody’s Investors Service and S&P Global Credit Ratings given the crimp in revenues and the high debt of $4.5 billion already on the balance sheet. The Journal noted that the new loan comes with an 11% interest rate.that will amount to 20% of its roughly 7,500 staffers.
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WSJ News Exclusive | Endeavor Group Secures $260 Million Loan to Help Business Battered by CoronavirusEndeavor Group Holdings has secured a $260 million term loan to help shore up the entertainment company’s business, which has been hammered by the coronavirus pandemic, according to people familiar with the matter. It's too bad that they will have to sell the UFC eventually to get out of debt. The UFC is they only thing they own that's a guaranteed money maker.
Source: WSJ - 🏆 98. / 63 Read more »
WSJ News Exclusive | Endeavor Group Secures $260 Million Loan to Help Business Battered by CoronavirusEndeavor Group Holdings has secured a $260 million term loan to help shore up the entertainment company’s business, which has been hammered by the coronavirus pandemic, according to people familiar with the matter. It's too bad that they will have to sell the UFC eventually to get out of debt. The UFC is they only thing they own that's a guaranteed money maker.
Source: WSJ - 🏆 98. / 63 Read more »
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