Stingray Digital Group Inc.
TSX : RAY.A
TSX : RAY.B

Stingray Digital Group Inc.

June 19, 2015 16:21 ET

Stingray Digital Group Inc. Announces Amendment to Credit Facilities

MONTREAL, QUEBEC--(Marketwired - June 19, 2015) - Stingray Digital Group Inc. ("Stingray") (TSX:RAY.A)(TSX:RAY.B) announced today the signing of an amended and restated credit agreement with a maturity of June 11, 2019. This amendment includes, among other things, (i) the merging of the outstanding balance of Stingray's term loan into its revolving credit facility and provides for the repayment of a bridge loan following the closing on June 3, 2015 of Stingray's initial public offering; and (ii) the increase of the amount of Stingray's revolving credit facility to $100 million. In addition, in certain circumstances, Stingray may increase the credit facility by an additional $25 million with lender consent. Immediately prior to the signing of this amended and restated credit agreement, Stingray had borrowings of approximately $28.7 million.

The credit facility is provided by a syndicate of banks led by National Bank of Canada, as administrative agent and lender, and comprised of Bank of Montreal, Canadian Imperial Bank of Commerce and The Toronto-Dominion Bank.

About Stingray

Stingray is a leading business-to-business multi-platform music and in-store media solutions provider operating on a global scale, reaching an estimated 110 million Pay-TV subscribers (or households) in 111 countries. Geared towards individuals and businesses alike, Stingray's products include the following leading digital music and video services: Stingray Music, Stingray Concerts, Stingray Music Videos, Stingray Lite TV, Stingray Ambiance and Stingray Karaoke. Stingray also offers various business solutions, including music and digital display-based solutions through its Stingray Business division. Stingray is headquartered in Montreal and currently has over 235 employees across the world, including in Miami, London, Amsterdam and Tel Aviv. Stingray was recognized in 2013 and 2014 as a finalist in the Top 50 of Deloitte's Technology Fast 50™ list, and figures amongst PROFIT magazine's fastest-growing Canadian companies. For more information, please visit www.stingray.com.

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's prospectus dated May 11, 2015, which is available on SEDAR at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Contact Information

  • Mathieu Peloquin
    Senior Vice-President, Marketing and Communications
    Stingray Digital Group Inc.
    514-664-1244, ext. 2362
    mpeloquin@stingray.com