Cinram International Income Fund announced that it has closed its recent refinancing and recapitalization transaction.
For more information visit: www.cinram.com
Unedited press release follows:
CINRAM ANNOUNCES SUCCESSFUL COMPLETION OF REFINANCING AND RECAPITALIZATION
TORONTO, April 11 – Cinram International Income Fund (together with its subsidiaries where applicable, “Cinram” or the “Fund”) announced today that the refinancing and recapitalization transaction (the “Refinancing and Recapitalization”) announced on January 25, 2011 has closed, effective April 11, 2011. The key changes to Cinram’s capital structure resulting from the Refinancing and Recapitalization transactions were disclosed in the Fund’s January 25, 2011 press release.
“This refinancing and recapitalization transaction is a very positive development for Cinram,” commented John Bell, CFO of Cinram. “Cinram has, through this refinancing, significantly strengthened and solidified its financial position, providing a sound foundation for the growth of the business and creation of value for stakeholders.”
Cinram retained Goldman, Sachs & Co. to act as its financial advisor to assist the Fund with the Refinancing and Recapitalization.
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is one of the world’s largest providers of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram now also provides distribution and logistics services to the telecommunications industry in North America through its wireless subsidiaries. The Fund’s units are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more information, visit our website at www.cinram.com.