Cinram issues fund units under terms of second-lien credit agreement

By Jennifer Chiou

New York, Jan. 3 - Cinram International Income Fund announced that it has issued 373,172,682 units under the terms of its second-lien credit agreement in exchange for $90 million original principal amount and additional capitalized interest amounts, which the holders elected to exchange.

According to a news release, about $11.5 million of second-lien debt remains outstanding after the exchange.

In August 2011, the fund said that proposed amendments to its senior secured credit agreements received near unanimous support from its first- and second-lien lenders. The amendments were to revise the financial covenants, including those governing leverage and interest coverage.

In other news, Cinram said that William Anderson has resigned as a trustee and chairman of the board.

Toronto-based Cinram International provides pre-recorded multimedia products and related logistics services.

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