Prime Focus (PFL), a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market, has successfully repaid Foreign Currency Convertible Bonds (FCCBs) worth $79 million.
Last month, Standard Chartered Group invested $35 million to subscribe to equity and another $35 million to subscribe to NCDs issued by the company. The remaining $9 million towards FCCB commitment was tied up via bank term loans.
Prime Focus has been one of the 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.
Prime Focus is a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market. The group offers a genuine end-to-end solution from pre-production to final delivery including visual effects, 2D to 3D conversion, video and audio post production, equipment hire, multi-platform content operations solutions and digital distribution.
