Mood Media revises redemption terms for 10% convertible debentures

By Devika Patel

Knoxville, Tenn., Aug. 17 - Mood Media Corp. said it has reached an agreement with the holders of more than 50% of its 10% convertible unsecured subordinated debentures due Nov. 26, 2012 to extend the deadline for redeeming the convertibles.

The company must redeem the convertibles within 120 days of closing its acquisition of Mood Media Group SA.

Previously, the company was required to redeem the convertibles within 75 days of closing the acquisition.

If the convertibles are not redeemed after 120 days, their conversion rate will increase to 679 common shares per C$1,100 of principal and up to an additional 9,508,886 shares may be issuable upon conversion.

Mood Media is a specialty music business in Culver City, Calif.

© 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.