Pacific Star Network Extends $15 Million Debt Facility
Pacific Star Network Limited, parent company of Crocmedia, has extended its existing $15 million debt facility with its existing financer with an additional $13.5 million of debt funding.
The combined $28.5 million of debt facilities is set to expire on August 31, 2021, with Pacific Star Network having fully drawn its existing $15 million as of April 30, 2020.
These facilities had been used to fund long-term strategic acquisitions, including the AFL Record for $8.1 million, Melbourne United Basketball Club 25% shareholding for $1 million, Narrowcast radio licences for $6.9 million, Rapid TV for $2.2 million and Precision Talent for $0.5 million.
The $13.5 million debt facility extension will provide pro-forma cash liquidity of $18.5 million, inclusive of $5 million cash on hand as of April 30, 2020.
The available liquidity will reportedly support incremental working capital requirements associated with COVID-19 pandemic disruptions to sporting seasons and events.
Pacific Star Network resumed trading on the ASX today after shares had been suspended due to refinancing discussions that were taking place during the suspension or cancellation of most sports due to COVID-19.