Somerset Entertainment Income Fund

Somerset Entertainment Income Fund

October 16, 2008 13:58 ET

Somerset Entertainment Announces Renewal of Revolving and Term Bank Facilities

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2008) -


Somerset Entertainment Income Fund (the "Somerset") (TSX:SOM.UN) is pleased to announce that its subsidiary Somerset Entertainment Limited Partnership (the "Somerset LP") has renewed its credit facility, which was scheduled to expire in December 2008.

The revised facility includes a revolver of $7.0 million and term loan of $11.2 million, which are due in three years. The term loan will be fully amortized on a straight line basis over the term of the facility. As of June 30, 2008, Somerset LP had not drawn on the revolving facility and had drawn $11.2 million on the term facility.

"We are pleased with the early renewal of our bank facilities given the current credit environment," said Andy Burgess, CEO, Somerset Entertainment. "Somerset will continue to focus on building the business with a view to maximizing distributable cash for our investors."

Forward-Looking Statements

Certain statements in this news release contain "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Somerset to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When appearing in this news release, these statements use such words as "may," "will," "intend," "should," "expect," "believe," "plan," "anticipate," "estimate," "predict," "potential," "continue," the negative of these terms or other similar terminology. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, customer concentration, integration of the Compass business, the exchange rate between Canadian and U.S. dollars, lack of written customer contracts, reliance on suppliers and other risks described in the Fund's Annual Information Form dated March 26, 2008 (which can be found at The forward-looking statements contained in this news release are made as of the release date of this document, and the Fund does not assume any obligation to update or revise such statements to reflect new events or circumstances.

About Somerset Entertainment Income Fund

Somerset is the leading North American producer and distributor of specialty music sold internationally through non-traditional retailers using interactive displays. The Company's extensive distribution network includes mass merchants, specialty chains and independent gift stores in more than 20 countries, including the United States and Canada. Based in Toronto, Canada, the company employs over 180 people at offices in Toronto, Ontario (Canada); Buffalo Grove, Illinois, and Minneapolis, Minnesota, (U.S.A.); and Essex, England (U.K.).

Additional information relating to the Somerset Entertainment Income Fund, including unaudited financial statements as of June 30, 2008, is available at and

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