By Susanna Moon
Chicago, July 11 - DCD Media plc said it raised £8.5 million in a private placement of shares and plans to issue a £4 million convertible loan.
The company placed 10,625,000 shares at 80p each following a planned 100 for 1 share consolidation.
The stock issue is expected to close on Aug. 7. The acquisitions and the placement are subject to shareholder approval at a meeting on Aug. 6.
The £4 million convertible loan issue is expected to be finalized on Aug. 3. The company has proposed a coupon of Libor plus 2.5%, an initial conversion price of 88p (110% of the placing price), a maturity of five years, an interest make-whole provision and investor options to require the company to repay the notes in January 2010 and January 2011.
Proceeds will fund acquisitions.
DCD is a London-based company that produces and distributes arts, entertainment, music and drama television programming.
| Issuer: | DCD Media plc
|
| Issue: | Stock, convertible loan
|
| Announcement date: | July 11
|
| Stock symbol: | AIM: DCD
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| Stock price: | 80p at close July 9
|
|
|
| Shares
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| Amount: | £8.5 million
|
| Shares: | 10,625,000
|
| Price: | 80p
|
| Warrants: | No
|
| Settlement date: | Aug. 7
|
|
|
| Convertible loan
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| Amount: | £4 million
|
| Maturity: | Five years
|
| Coupon: | Libor plus 2.5%
|
| Price: | Par
|
| Conversion premium: | 110% of placing price
|
| Conversion price: | 88p
|
| Call protection: | January 2010 and January 2011
|
| Pricing date: | Aug. 3
|
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