Prime Focus redeems $79 million worth of FCCBs

MUMBAI: Prime Focus Limited (PFL), a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market, has repaid $79 million to its foreign currency convertible bond (FCCB) holders.

With the redemption of all the FCCBs, the entire focus of the management is now to expand and grow the business further.

Last month Standard Chartered Group invested US$35 million to subscribe to equity and another $35 million to subscribe to NCDs issued by Prime Focus Limited. The remaining $9 million towards FCCB commitment was tied up via bank term loans.

Prime Focus CFO Nishant Fadia 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.
 
"Our ability to raise long-term capital in the current volatile economic environment underlines the confidence a renowned investor like Standard Chartered has in our robust business model, strong order book and the overall potential of the global media & entertainment industry which we serve.

"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."