Xinhua Sports & Entertainment Restructures Convertible Loan Facility With Affiliates Of Patriarch Partners - Quick Facts
(RTTNews) - Xinhua Sports & Entertainment Ltd (XSEL) said it reached agreement to restructure the terms of its secured convertible loan facility with affiliates of Patriarch Partners LLC.
As per the terms of the amendment, the company has repaid $16.34 million, and Patriarch agreed to lend the company an additional $7.6 million non-convertible term loan, bringing the aggregate amount outstanding under the Patriarch facility to $49.06 million, and to waive all existing defaults and revise the terms of the financial covenants.
The company noted that, in consideration for the waiver and extension of additional loans in the amendment, Patriarch has been granted additional security in its assets as collateral for the loans and the company issued to affiliates of Patriarch Series C Preferred Shares convertible into 25% of the fully diluted common equity of the company and paid certain fees and expenses.
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