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Cinedigm to repay, terminate term loan via convertible note offering
By Tali Rackner
Norfolk, Va., April 23 – Cinedigm Corp. plans to use about $18.2 million of the net proceeds from a convertible senior note offering to repay borrowings under and terminate its term loan, according to a press release.
The remainder of the net proceeds will be used to fund up to $30 million of the cost of repurchasing shares of its common stock and for general corporate purposes, including development of the company’s OTT channels and applications and possible acquisitions.
Cinedigm announced on Thursday that it intends to offer $60 million of convertible notes due 2035 in a private placement. There is a 30-day over-allotment option for up to an additional $9 million of the notes.
Los Angeles-based Cinedigm distributes independent movie, television and other short-form content.
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