Lumine Group’s WideOrbit enters $185 million revolving facility

By Marisa Wong

Los Angeles, March 3 – Lumine Group Inc. announced that its wholly owned indirect subsidiary, WideOrbit Inc., has entered into a $185 million revolving financing facility with a syndicate of Canadian and U.S. financial institutions to provide long-term financing in connection with Lumine’s previously announced acquisition of WideOrbit.

The debt facility also includes a $5 million operating line as well as a $75 million uncommitted accordion to grow the facility if required.

The loan has a maturity date of March 2, 2028 and bears interest at SOFR plus applicable spreads based on the leverage ratio.

Covenants associated with this facility will be based on the financial position and financial performance of WideOrbit. The covenants include a maximum leverage ratio and fixed-charge coverage ratio.

Lumine has not guaranteed this debt, nor are there any cross-guarantees between other subsidiaries under Lumine. The credit facility is collateralized by substantially all of the assets of WideOrbit.

The syndicate of lenders is led by Royal Bank of Canada and also includes Wells Fargo, Silicon Valley Bank, Toronto-Dominion Bank and Federation des Caisses Desjardins du Quebec.

Toronto-based Lumine acquires communications and media software companies. WideOrbit is a U.S.-based media vertical market software provider.

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