Prime Focus, which had closed yesterday at Rs.37.40, opened today at Rs.39.05 and is currently trading at its intraday high at Rs.40.45, up over 8%. Its not too far from its 10% UC of the day at Rs.41.10.
The company announced today morning that its subsidiary DNEG plc, has announced its intention to commence a private offering of $375 million in aggregate principal amount of senior secured notes due 2025.
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to certain persons outside the United States pursuant to Regulation S, each under the Securities Act.
DNEG intends to use the net proceeds of the offering, (a) to repay amounts outstanding under its existing term loan facility, its existing revolving loan facility and its Indian financing facilities, (b) to extend a loan to its parent group of companies, (c) to pay related transaction fees and expense, and (d) for general corporate purposes. There can be no assurance that the private offering of Notes will be completed.