DCD Media to cancel about £6.93 million of convertible loan notes

By Devika Patel

Knoxville, Tenn., Nov. 30 - DCD Media plc said investor Highbridge Capital Management LLC has agreed to cancel approximately £6.93 million of convertible loan notes in exchange for approximately £2.48 million in cash and 7,631,048 ordinary shares.

The cash consideration will be financed through a new £3 million senior bank loan from Coutts & Co.

Following this, there will be approximately £2.92 million of the convertible loan notes remaining outstanding. These notes are held by Gartmore Investment Management.

The remaining notes have been amended, with the redemption date extended by three years to November 2012. The conversion price has been cut to 18p, and interest will accrue at 8% per year.

DCD is a London-based company that produces and distributes arts, entertainment, music and drama television programming.

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