TiVo Corporation Announces Completion of Refinancing

SAN JOSE, Calif.--(BUSINESS WIRE)--TiVo Corporation (NASDAQ: TIVO), TiVo Corporation (NASDAQ: TIVO), the company that brings entertainment together, today announced that on November 22, 2019, the Company entered into a new $715.0 million five-year Term Loan Credit Agreement with HPS Investment Partners, LLC as administrative and collateral agent, plus a $60M Revolving Loan Credit Agreement with Morgan Stanley Senior Funding, Inc. and Wells Fargo Bank, National Association. TiVo used the proceeds of the new Term Loan Credit Agreement to repay loans under its existing term loan B facility and add cash to the balance sheet in anticipation of the spin-off of its Product business. TiVo Corporation intends to pay-off the remaining balance of its exiting 2020 Convertible Senior Notes when they mature with cash on hand, and the Revolving Loan Credit Agreement provides additional flexibility to facilitate the separation of the two businesses.