The visual effects and entertainment company Prime Focus, which provides creative and technical services to the film, broadcast, and advertising market, today claimed it has repaid FCCBs worth $79 million.
Last month, Standard Chartered Group had invested $35 million to subscribe to equity and another $35 million to subscribe to NCDs issued by Prime Focus. The remaining $9 million towards FCCB commitment was tied up via bank term loans.
The company claims that it is one of few companies to raise long-term capital in the current volatile market to replace debt with equity through a marquee investor like Standard Chartered. With the repayment of the FCCB, the entire focus of the management is now to expand and grow the business further.
Nishant Fadia, CFO, Prime Focus said, “We are pleased that we have honoured our commitment to shareholders and bondholders by successfully settling the FCCBs on the date of redemption as per original terms and conditions. We see Standard Chartered as a strategic partner and look forward to engaging with them over the long term to build sustainable value in the business. The Prime Focus Group will continue on the path of growing its businesses and breaking new ground globally and locally to enhance shareholder value.”
