Key Brand Entertainment CEO John Gore announced today the sale of two major Toronto theatres to Mirvish Productions: the 2,300-seat Canon Theatre and the 700-seat Panasonic Theatre. In accordance with Key Brand's loan agreements entered into at the time of Key Brand's acquisition of Broadway Across America, the proceeds are being used to retire term loans from JP Morgan and subordinated notes from Aramid Entertainment Fund.
"This is a great moment for the company and its shareholders," said Key Brand Entertainment CEO John Gore, "The sale of these two venues and the payback of these loans allow Key Brand Entertainment to now focus exclusively on our main priorities - programming and production."
The sale of the two theatres to Mirvish Productions was led by Key Brand Entertainment Chairman Thomas B. McGrath and David B. Stern, Key Brand's EVP & General Counsel, who headed the transaction team which includ
Ed Thomas MacDonald and Ken Herlin from the Goodmans law firm in Toronto, as well as Fred Gartside and Ken Bovard from Los Angeles-based Jeffer Mangels Butler & Marmaro. Mirvish was represented by Howard Drabinsky and William Rowlands of Lang Michener LLP. JP Morgan was represented by Terry Dugan and Matthew E. Schernecke of Morgan, Lewis & Bockius, LLP, as well at Toronto counsel, Ted Perlmutter and Lauren Temple of Blake, Cassels & Graydon LLP.
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