Broadcast International Raises $15 Million

Author:
Publish date:
Updated on

Broadcast International has raised $15 million in equity financing
and restructured $18.8 million in convertible debt. The provider of
video broadcasting solutions raised $15 million through Philadelphia
Brokerage Corp., which sold 12.5 million units-with each unit
consisting of two shares of common stock and one warrant to purchase an
addition share of common stock-for $1.20 a unit.

Broadcast
International also substantially reduced its aggregate indebtedness by
restructuring $17.8 million in principal and capitalized interest that
would have been due later this month. As part of the restructuring the
senior lender received $5.25 million cash from the equity raised and an
amended 6.25% senior convertible note of $5.5 million that will be due
in December of 2013. The lender forgave about $7 million existing debt.

In
addition, a junior lender holding an 8% convertible $1 million note due
January 1, 2011 agreed extended that note until December 2013.

Read more at B&C here.

Related