Fluid Music to get $41 million mezzanine debt to purchase Mood Media

By Lisa Kerner

Charlotte, N.C., May 5 - Fluid Music Canada Inc. announced it will use $41 million of three-and-a-half-year mezzanine debt to finance part of its €160 million acquisition of Mood Media Group SA.

According to a company news release, the lenders of the new mezzanine financing will receive compensation warrants that can be exercised for 4.1 million common shares of Fluid Music at an exercise price of C$1.60 per common share for a period of 42 months from the date of issuance.

The company said it also plans on getting a new $100 million three-year senior credit facility - consisting of a $15 million working capital revolver and an $85 million term loan - to help fund the acquisition.

Closing on the acquisition is expected to occur before June 4.

Fluid Music is a Toronto-based private label music aggregation and distribution company. Mood Media is a France-based provider of in-store audio, video, media and marketing solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.