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eOne completes £285m refinancing deal

Entertainment One’s refinancing agreement has been completed.

The company has issued £285 million (US$431.4 million) of 6.875% secures senior notes that are due in 2022, and entered into a £100 million revolving credit facility that matures in 2020.

According to a filing, eOne has used much of the proceeds to repay previous credit facilities, and pay fees and expenses related to the notes.

eOne’s statement said the refinancing and credit facility “provides the company with a long term capital structure appropriate for its strategic ambition to double the size of the business by 2020, and permits greater flexibility to allow the company to react swiftly to commercial opportunities”.

The agreements, revealed last week, led to a plunge in the UK-listed firm’s share price, leading eOne to release a statement claiming the changes were positive for the ambitious growth plans first revealed in November 2014.

Shares dipped again on the new announcement.