China Cablecom Completes Placement of $33 Million in Senior Secured Notes and Restructuring of Hubei Assets
2009年10月9日 - 10:14PM
PRニュース・ワイアー (英語)
Restructuring significantly improves capital structure SHANGHAI,
Oct. 9 /PRNewswire-FirstCall/ -- China Cablecom Holdings, Ltd.
("China Cablecom" or the "Company") (NASDAQ:CABL) (NASDAQ:CABLW)
(NASDAQ: CABLU), announced the completion of its offering of $33
million in aggregate principal amount of 12% Senior Secured Notes
(the "New Notes") due October 2015. Net proceeds from the sale will
be used to satisfy the Company's remaining obligations to the Hubei
SOE under its amended framework agreement. Investors in the New
Notes have been issued Class B Preferred Stock convertible into
23,158,080 ordinary shares, representing approximately 23.3% of the
Company's total outstanding shares after a concurrent
debt-for-equity restructuring of its outstanding debt obligations.
"We took advantage of the market opportunity and secured a very
critical financing and restructure package," says Pu Yue, Chief
Executive Officer of China Cablecom Holdings. "This transaction
strengthens our balance sheet by improving our capital structure,
retiring a portion of our long term debt, and infusing additional
funds to fully secure our Hubei assets. This achievement not only
reflects the Company's strong commitment to enhance our shareholder
value but also reaffirms our leadership in the rapidly growing
industry space, making us one of the top 10 operators in number of
subscribers in China's cable television markets. We would like to
thank our shareholders and investors for their patience and support
during our extended period of negotiations and will now be better
positioned for future opportunities to further grow our business."
Chardan Capital Markets was the sole placement agent on this
transaction. The New Notes have not been and will not be registered
with the Securities and Exchange Commission and may not be offered
or sold in the United States absent such registration or an
applicable exemption from such requirements. About China Cablecom
China Cablecom is a joint-venture provider of cable television
services in the People's Republic of China, operating in
partnership with a local state-owned enterprise ("SOE") authorized
by the PRC government to control the distribution of cable TV
services through the deployment of analog and digital cable
services. China Cablecom has consummated the acquisition of a 55
percent economic interest in a cable network in Hubei province with
paying subscribers exceeding 1,100,000. The Company originally
acquired operating rights of the Binzhou Broadcasting network in
Binzhou, Shandong Province in September 2007 by entering into a
series of asset purchase and services agreements with a company
organized by SOEs, owned directly or indirectly by local branches
of State Administration of Radio, Film and Television in five
different municipalities to serve as a holding company of the
relevant businesses. China Cablecom now operates 28 cable networks
with over 1.67 million paying subscribers. China Cablecom's
strategy is to replicate the acquisitions by operating partnership
models in other municipalities and provinces in the PRC and then
introducing operating efficiencies and increasing service offerings
in the networks in which it operates. Safe Harbor Statement The
matters discussed in this press release contain "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements contained in this
presentation and in the Company's other written and oral reports
are based on current Company expectations and are subject to
numerous risks, uncertainties and assumptions, Any forward-looking
statements are not guarantees of future performance and actual
results of operations, financial condition and liquidity.. The
forward-looking statements herein speak only as of the date stated
herein and might not occur or the actual results may differ
materially in light of these risks, uncertainties, and assumptions.
The Company undertakes no obligation and disclaims any obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise. You should carefully consider these factors, as well as
the additional risk factors outlined in the filings that the
Company makes with the U.S. Securities and Exchange Commission,
including the Annual Report on Form 20-F filed on July 15, 2009.
CONTACT: China Cablecom Holdings, Ltd.
http://www.chinacablecom.net/ Debra Chen Phone: 917.499.8129 Email:
DATASOURCE: China Cablecom Holdings, Ltd. CONTACT: Debra Chen of
China Cablecom Holdings, Ltd., +1-917-499-8129, Web Site:
http://www.chinacablecom.net/
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