Brussels, Belgium, August 9, 2019
Merodis, an independent corporate finance advisory firm, is pleased to announce that it successfully assisted in the private placement of a convertible bond issued by AudioValley, a Belgian stockmarket-listed company. More details of the transaction and the issued security are provided below in a summary of the company’s press release, dated 18 July 2019.
AudioValley, the international specialist in BtoB solutions in the digital audio sector, (ISIN Code: BE0974334667 / ticker symbol: ALAVY) announces the issue, in connection with a private placement, of a convertible bond loan totalling €8m, fully subscribed for by several asset management companies based in France, Belgium and Spain.
Alexandre Saboundjian, Managing Director and Founder of AudioValley, says: “We are delighted with this fundraising, which allows AudioValley to finance its future development and support the acceleration of its activities in those countries in which it has recently established operations. It also provides the Group with sufficient means to meet its future payment deadlines. This operation gives AudioValley a flexible financing tool and improved visibility to support its growth.”
AudioValley, which recently entered into an agreement with Vivendi regarding the renegotiation of the terms of the early repayment clause for the seller credit obtained at the time of the purchase of the majority interest in the Radionomy/Targetspot division, now offers a better profile for considering the establishment of an alternative solution to Vivendi’s seller credit and consequently paying off this debt before 30 October 2019 by paying the sum of €15m instead of the €24.7m initially provided for, saving EUR 9.7m.
The convertible bonds were fully subscribed for on 18 July 2019. These convertible bonds are in registered form and are not admitted for trading on Euronext Growth Paris and Brussels. However, the shares resulting from any conversion of the convertible bonds will be admitted from such time as they are issued. The key characteristics of the convertible bonds (“CBs”) are described in AudioValley’s press release.
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