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SOURCE Playboy Enterprises, Inc.
LOS ANGELES, June 25, 2014 /PRNewswire/ -- Playboy Enterprises reported today that it has completed key financing initiatives that significantly enhance the company's flexibility to execute on its licensing and media growth strategies.
Since the end of 2013, these activities have included a $35 million reduction in debt and, most recently, the introduction of a new $150 million term loan that replaces its former debt financing and complements the company's ongoing repositioning into a lifestyle brand with a lean, efficient operating structure.
Playboy CEO Scott Flanders commented, "By further improving our capital structure with lower cost funding that improves our investment flexibility, Playboy is better positioned to leverage its reinvigorated brand to drive growth in revenue and cash flows through attractive opportunities in global licensing and content, including digital media. This strategically important refinancing is the direct result of the creative and diligent work of our financial partners and advisors under the direction of EVP / CFO Christoph Pachler and EVP / Business Affairs Rachel Sagan."
About Playboy Enterprises, Inc.
Playboy is one of the most recognized and popular consumer brands in the world. Playboy Enterprises, Inc. is a media and lifestyle company that markets the brand through a wide range of media properties and licensing initiatives. The company publishes Playboy magazine in the United States and abroad and creates content for distribution via television networks, websites, mobile platforms and radio. Through licensing agreements, the Playboy brand appears on a wide range of consumer products in more than 150 countries as well as retail stores and entertainment venues. For more information about Playboy Enterprises, please visit www.playboyenterprises.com.
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