Worldspace Closes On Refinancing
June 4, 2007 at 5:37 AM (PT)
WORLDSPACE SATELLITE RADIO closes on its refinancing of $155 million in convertible notes, redeeming $50 million of the existing notes for cash and issuing new notes and warrants in exchange for the remaining existing convertible notes. The refinancing eliminated the right of the noteholders to require WORLDSPACE to redeem the existing convertible notes on DECEMBER 30, 2007.
"It is good to have completed this refinancing," says Chairman/CEO NOAH SAMARA. "We now have the runway to execute our streamlined 2007 plan. The company is determined to make the most of our opportunities, particularly in EUROPE, where we continue to focus on readying the Italian business, and INDIA, and hope to return to the markets with significant business achievements."