By Dade Hayes Finance Editor Endeavor, whose revenue has dropped 70% during the coronavirus pandemic, has secured a $260 million term loan as an extra cushion.
Sources familiar with the transaction tell Deadline it carries an interest rate of a bit less than 11%. The company had previously taken out a $2.8 billion loan.
Last month, Endeavor said one-third of its workforce of 7,500 would be affected by furloughs, layoffs or other staffing reductions.
CEO Ari Emanuel and executive chairman Patrick Whitesell have agreed to forfeit their annual salaries. The company has been hamstrung by its reliance on live events — from sports to fashion to concerts — as well as the shutdown of film and TV production due to COVID-19.
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