Global Showbiz Briefs: Nine Entertainment, Mora’s ‘Sound Of Spying’, ‘Doctor Who’, Cineworld & Bond

Australia’s Nine Entertainment Seeks $700 Million U.S. Debt Facility
Nine Entertainment Co. CEO David Gyngell and advisers UBS are approaching U.S. lenders this week to set up a $700 million debt facility as part of the company’s recapitalization. Standard & Poor’s has given the proposed raising a preliminary BB credit rating with a stable outlook. According to local media, the ratings agency has given Nine the same rating for a separate $700 million senior secured term loan it aims to arrange in Australia. Existing creditors are due to meet on January 21 to approve a $3.4 billion debt-for-equity swap that will result in U.S. hedge funds Apollo Global Management and Oaktree Capital emerge as the controlling shareholders, replacing previous owner CVC Asia Pacific. Nine posted a $972 million loss in 2011-12, mostly due to asset write-downs, but the network saw a ratings resurgence last year, finishing No. 1 in prime-time in the key demos 25-54, 18-49 and 16-39 in the five capital cities, driven by The Voice, The Block and Big Brother. The new owners reportedly are planning an IPO within 18 months, which S&P said could lead to an improvement in its rating. –Don Groves (more…)

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