Catalyst Media Group PLC
28 August 2007
Catalyst Media Group plc ('Catalyst' or the 'Company')
New Bank Facility
The Board of Catalyst is pleased to announce that on 24 August 2007, it entered
into an agreement for a new £4.835 million loan facility ('Facility') out of
which it has drawn down £3.91 million provided by National Westminster Bank plc
('NatWest').
The funds drawn down under the Facility have been applied to the repayment in
full of the existing debt that the Company had in place with Investec Bank (UK)
Limited ('Investec') including an early redemption premium.
As a consequence, under the terms of the facility with Investec, Investec is no
longer entitled to exercise its warrant in respect of the Company's wholly owned
subsidiary, Catalyst Media Holdings Limited ('CMHL').
The Facility is repayable on or by 31 December 2010 and is secured against the
assets of CMHL and Alternateport Limited, a wholly owned subsidiary of CMHL.
The existing £4 million facility (of which £3.5 million has been drawn down)
provided by North Atlantic Smaller Companies Investment Trust PLC ('NASCIT') and
Oryx International Growth Fund Limited, details of which were announced on 10
April 2007, has now been amalgamated into NASCIT only and they have taken a
second security position to NatWest.
Following these transactions the total debt outstanding for the CMG Group will
be approximately £7.5 million.
Enquiries:
Catalyst Media Group plc
Michael Rosenberg/Anna Prestwich
Tel: 020 7927 6699
Strand Partners Limited
James Harris/Angela Peace
Tel: 020 7409 3494
This information is provided by RNS
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