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Emerald to repay facility debt with convertible preferred proceeds
By Sarah Lizee
Olympia, Wash., June 10 – Emerald Holding, Inc. plans to repay outstanding debt under its credit facility using proceeds from a $400 million convertible preferred stock infusion led by Onex Corp., according to a press release.
Proceeds will also be used for general corporate purposes, including organic and acquisition growth initiatives.
As of June 9, the company carried cash on its balance sheet of $68 million, borrowings under its revolver of $100 million, borrowings under its term loan of $529 million and had funded $24 million of its cancelled event liability, which had stood at $72 million on March 31.
San Juan Capistrano, Calif.-based Emerald builds market-driven business-to-business platforms that integrate live events with an array of industry insights, digital tools and data-focused solutions to create experiences.
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