DHX Media issues contingent call for C$225 million of 5 7/8% notes

By Susanna Moon

Chicago, June 7 – DHX Media Ltd. said it issued a conditional redemption notice for its C$225 million of 5 7/8% senior notes due Dec. 2, 2021.

The notes will be redeemed on July 11 at par plus a premium and accrued interest to but excluding the redemption date, according to a company notice.

The redemption is contingent on the company’s planned acquisition of the entertainment division of Iconix Brand Group Inc., which includes both an 80% controlling interest in Peanuts and 100% of Strawberry Shortcake, and the closing of debt financing facilities.

The company said on May 10 that it planned to sell C$100 million of senior convertible debentures as part of the financing for its acquisition plans.

The deal was expected to close June 30 and will be financed using cash on hand, a new debt facility and a private placement of subscription receipts ultimately exchangeable for convertible debentures.

The financing at close also includes a US$30 million revolver and a US$510 million committed term facility.

The refinancing also includes redemption of the 5 7/8% notes.

DHX is a Halifax, N.S.-based media production, distribution and broadcasting company.

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