DHX, soon WildBrain, pays down C$240.2 million of bank debt in 2019

By Devika Patel

Knoxville, Tenn., Sept. 23 – DHX Media Ltd., which is changing its name to WildBrain, continued to emphasize debt reduction last year by paying down C$240.2 million of bank debt.

In fiscal 2019, the company paid down C$223.8 million on its term loan and C$16.4 million on its revolving credit facility.

Net debt declined to C$494.1 million as of June 30 from C$726.4 million a year earlier, resulting in the net leverage ratio decreasing to 5.92x as of June 30.

“In Q4, we repaid an additional C$11.4 million against our term facility using net proceeds from the sale of a building,” chief financial officer Doug Lamb said Monday on the company’s earnings conference call for the fiscal fourth quarter and year ended June 30.

“For 2019, the full year, we were able to pay down an aggregate of C$240 million on our term loan and revolving facility, combined.

“Debt reduction continues to be a priority. We’re focused on improving our balance sheet.”

Chief executive officer Eric Ellenbogen said on the call, “Strengthening our balance sheet will continue to be a key priority,”

Adjusted EBITDA was C$20.2 million in the fourth quarter of fiscal 2019, compared to C$16 million in the fourth quarter of fiscal 2018. Adjusted EBITDA in fiscal 2019 was C$79.6 million, compared to C$97.5 million in the prior year.

Company shareholders will be asked to approve the name change to WildBrain at the next annual meeting of shareholders, which is expected to be scheduled for December.

The media production, distribution and broadcasting company is based in Halifax, N.S.

© 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.