Eros International PLC Closes $100 million Equity-linked Financing
December 06 2017 - 04:05PM
Business Wire
Eros International Plc (NYSE:EROS) (the “Company”), a leading
global company in the Indian film entertainment industry, today
announced the closing of the Company’s registered direct offering
of $122.5 million aggregate principal amount of its senior
convertible notes due 2020 and warrants to purchase 2,000,000 of
the Company’s A ordinary shares, for gross proceeds of $100
million.
The notes are a three year amortizing instrument with an initial
conversion price of $14.6875. The Company has the flexibility to
satisfy the amortization payments in cash or shares, subject to
certain restrictions. The warrants have an exercise price of
$14.375 and a term of six 6 months.
“We are very pleased to announce the completion of our
financing,” said Prem Parameswaran, President of North America and
Group Chief Financial Officer of Eros. “The $100 million of gross
proceeds will help to significantly improve our balance sheet,
support the continued growth of our Eros Now platform and leave us
well capitalized for the future.”
The Company intends to use the net proceeds to repay amounts
outstanding under its revolving credit facility and for general
corporate purposes.
Citigroup Global Markets Inc. served as capital markets advisor
to the Company in connection with the offering.
The securities were offered pursuant to an effective
registration statement on Form F-3 (including a prospectus) and a
prospectus supplement, which have been filed with the Securities
and Exchange Commission (the “SEC”). The prospectus in the
registration statement, the prospectus supplement and the other
documents that the Company has filed and will file with the SEC
include more complete information about the Company and the
offering. You may obtain these documents for free by visiting EDGAR
on the SEC’s website at www.sec.gov. Alternatively, copies of these
documents, including the prospectus supplement and accompanying
base prospectus related to this offering, may be obtained from the
Company: Eros International Plc, 550 County Avenue Secaucus, New
Jersey 07094, or by calling (201) 558-9021.
About Eros International Plc
Eros International Plc (NYSE:EROS) is a leading global company
in the Indian film entertainment industry that acquires,
co-produces and distributes Indian films across all available
formats such as cinema, television and digital new media. The
Company was the first Indian media company to list on the New York
Stock Exchange and has experience of over three decades in
establishing a global platform for Indian cinema. The Company has a
competitive advantage through its extensive and growing movie
library comprising over 3,000 films, which include Hindi, Tamil,
and other regional language films for home entertainment
distribution. The Company also owns the rapidly growing OTT
platform Eros Now. For further information please visit:
www.erosplc.com.
Forward-Looking Statements
This press release contains forward-looking statements.
Forward-looking statements typically are identified by the use of
terms such as “may,” “will,” “should,” “might,” “expect,”
“anticipate,” “estimate,” “plan,” “intend,” “goal,” “project,”,
“strategy,” “future,” and similar words, although some
forward-looking statements are expressed differently. These
statements include but are not limited to statements regarding the
proposed offering and the intended use of the net proceeds from the
offering. You are cautioned not to place undue reliance on
forward-looking statements, which reflect management’s expectations
only as of the date of this press release. Such statements involve
known and unknown risks, uncertainties, assumptions and other
factors many of which are out of the Company’s control and
difficult to forecast that may cause actual results to differ
materially from those that may be described or implied. The Company
cannot be certain that the offering will be completed on the terms
discussed above, or at all. The other risks described in the
Company’s Annual Report on Form 20-F for the fiscal year ended
March 31, 2017 and other reports and registration statements that
the Company files with the SEC from time to time should be
carefully considered. The Company undertakes no obligation to
publicly release the results of any revision or update of these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. The Company
nonetheless reserves the right to make such updates from time to
time by press release, periodic report or other method of public
disclosure without the need for specific reference to this press
release. No such update shall be deemed to indicate that other
statements not addressed by such update remain correct or create an
obligation to provide any other updates.
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version on businesswire.com: http://www.businesswire.com/news/home/20171206006257/en/
Eros International PlcMark Carbeck, +44 207 258 9909Chief
Corporate and Strategy
Officermark.carbeck@erosintl.comorMedia:Erica Bartsch,
+1-212-446-1875Sloane & Companyebartsch@sloanepr.com
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