Radio digitale: Worldspace, nuovo credito per l’operazione italiana

Il provider radiofonico satellitare sostiene il suo debito e il lancio del servizio DAB-S in Italia, previsto per la fine di quest’anno


Estratto da Radio Passioni

Worldspace sta ricorrendo ad operazioni finanziarie per sostenere il suo debito e il lancio del servizio di radio digitale satellitare in Italia, previsto per la fine di quest’anno. La nuova linea di credito da 40 milioni di dollari annunciata in questi giorni viene da Yanura, una società interamente controllata dallo stesso presidente e CEO di Worldspace, Noah Samara creata come cassaforte per gli investimenti nella compagnia satellitare. In parte la linea servirà a finanziare il debito già accumulato in passato e ristrutturato nel giugno del 2007. I creditori hanno rinunciato a una parte degli anticipi che tale ristrutturazione aveva fissato per la fine di gennaio di questo nuovo anno, ma vogliono ricevere 10 milioni di dollari. Per ogni “draw down”, cioè per ogni somma attinta a Yanura, Worldspace emetterà dei “pagherò” all’8% riscuotibili dopo cinque anni e convertibili in titoli societari. L’interesse annuo su queste note può essere ripagato con nuovo debito e non in contanti.

WORLDSPACE Satellite Radio Secures $40 Million Financing Facility
Wednesday, Jan. 2 2008

SILVER SPRING, Md., Jan 02, 2008 /PRNewswire-FirstCall via COMTEX/ — WORLDSPACE Satellite Radio (Nasdaq: WRSP), one of the world leaders in satellite-based digital radio services, today announced it has secured a financing facility for up to $40 million of subordinated financing effective immediately, from Yenura Pte. Ltd., a company controlled by Mr. Noah Samara, chairman and CEO of WORLDSPACE. The Company also announced it had secured a waiver of certain pre-payment obligations owed to the holders of its existing debt.
The facility supports the Company’s preparations for the launch of its European mobile service in the Italian market and business development activities in selected markets, while the Company continues to seek to secure additional financing from a variety of sources, including existing and new investors.
The facility is being made available to WORLDSPACE pursuant to a facility agreement with Yenura. Under terms of the facility agreement, Yenura will make up to $40 million available to WORLDSPACE which the Company must draw down on or prior to January 31, 2008. The Company will issue subordinated convertible notes in the principal amount of each draw down in consideration for the funding. The new subordinated convertible notes will have a five year maturity from the issuance date of the first note. The notes will carry interest at eight percent per annum (payable annually in arrears as additional principal amount and not cash) and the price at which the notes may be converted into the Company’s Class A Common Stock has been set at $4.25 per share. The new notes are subordinated in all respect to the Company’s existing indebtedness.
Under the debt restructuring agreement dated June 1, 2007 between the Company and its senior secured noteholders, the Company agreed to prepay up to $45 million of its first lien debt with any new debt or equity capital it raised. In connection with this new facility, the secured noteholders will receive a pre-payment of $10 million (all of which will be paid on or prior to January 31, 2008) but have waived their pre-payment right with respect to the remaining $30 million of availability under the facility agreement.
Yenura is a special purpose entity established by Mr. Samara and Mr. SalahIdris to invest in WORLDSPACE. Mr. Samara holds all of the voting shares in Yenura. Mr. Idris, through his ownership of non-voting shares, holds the major economic interest in Yenura.

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