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Report: ATG Seeks To Restructure Its Debt As It Eyes A U.S. Expansion

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LONDON (CelebrityAccess) — Theater operator Ambassador Theatre Group, is reportedly seeking to refinance its current debt, according to a report in Bloomberg.

ATG, which is backed by Providence Equity Partners, has reportedly been in talks with private lenders about a $1.2 billion in direct lending, Bloomberg reported, citing people familiar with the negotiations.

Ambassador owns 58 theaters across Britain, the U.S., and Germany, including the Lyceum Theatre and Playhouse and the Lyric Theatre in New York City, along with venues such as the Swansea Arena, Manchester Opera House, and Edinburgh Playhouse, and a ticketing platform.

As of March 2021, ATG’s parent company said it had net debt, including finance lease liabilities, of £564.1m.

According to the Wall Street Journal, ATG plans to use the infusion of capital from a restructuring to acquire new theater properties in the U.S. to strengthen its position in the U.S. with potential theater acquisitions.

In March, ATG acquired the Golden Gate and Orpheum in San Francisco and the Fisher Theater in Detroit from Nederlander for an undisclosed sum.

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