HIT Entertainment Seals Deal with Creditors

“Thomas & Friends” and “Bob the Builder” producer HIT Entertainment recently reached a deal with its lenders to amend and extend its credit facilities.

“We are delighted to conclude these negotiations with our lending group
and are grateful for their support,” says Jeffrey Dunn, president and
chief executive officer of HIT. “This allows us to focus on what we do best—making great entertainment for kids.”

The entertainment company reports revenues have increased to $249.2 million from $238.4 million in the 12 months to July 31, 2009.

In March, HIT reached an agreement with lenders to waive a scheduled covenant test on its $579 million debt. HIT and lenders had reached a “forbearance agreement,” which waives testing of the entertainment company’s financial covenants.
HIT Entertainment is owned by private equity firm Apax Partners.

Brought to you by