Thomson Reuters borrows $1 billion under credit facility in Q1

By Sarah Lizee

Olympia, Wash., May 5 – Thomson Reuters Corp. borrowed $1 billion under its $1.8 billion syndicated credit facility in the first quarter of 2020, according to a press release.

The company said the borrowing was made primarily to repay commercial paper, but also as a precautionary measure given the economic uncertainty caused by the Covid-19 pandemic.

Amounts borrowed under the credit facility are not due until 2024 although the company may consider replacing some of these borrowings with longer term debt in the near term.

The company’s net debt to adjusted EBITDA leverage ratio as of March 31 was about 2.1x, which is lower than the company's target of 2.5x.

As calculated under its credit facility covenant, the company's net debt to adjusted EBITDA leverage ratio was 1.9 to 1, below the allowed maximum of 4.5x.

Thomson Reuters is a multinational media and information company based in Toronto.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.