TORONTO, Jan. 3, 2012 /PRNewswire/ - Cinram International Income Fund (TSX: CRW.UN) (together with its subsidiaries, "Cinram" or the "Fund") announced today that has today completed the issuance of 373,172,682 Fund units pursuant to the terms of its second lien credit agreement. The Fund units were issued in exchange for the $90 million original principal amount, and additional capitalized interest amounts which the holders elected to exchange. Following the exchange approximately $11.5 million principal amount of second lien debt remains outstanding.
Cinram also announced the resignation of William Anderson as a trustee and Chairman of the Board of the Fund. Steve Brown, the Chief Executive Officer of Cinram and a trustee of the Fund, said "We are extremely grateful to Bill for his great commitment to Cinram since his appointment to the board, and for his sage counsel, tireless work and thoughtful stewardship throughout his tenure. We wish him the best in his future endeavours."
Cinram International Inc., an indirect, wholly-owned subsidiary of the Fund, is one of the world's largest providers of pre-recorded multimedia products and related logistics services. With facilities in North America and Europe, Cinram International Inc. manufactures and distributes pre-recorded DVDs, audio CDs, and CD-ROMs for motion picture studios, music labels, publishers and computer software companies around the world. Cinram now also provides distribution and logistics services to the telecommunications industry in North America through its wireless subsidiaries. The Fund's units are listed on the Toronto Stock Exchange under the symbol CRW.UN. For more information, visit our website at www.cinram.com.
Certain statements included in this release constitute "forward-looking statements" within the meaning of applicable securities laws. Such forward-looking statements include statements concerning the possible effects of the transactions described herein, and the likelihood of their successful completion. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund, or results of the multimedia duplication/ replication industry, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, among others, the following: the Fund's ability to retain major customers; general economic and business conditions, which will, among other things, impact the demand for the Fund's products and services; multimedia replication industry conditions and capacity; the ability of the Fund to implement its business strategy; the Fund's ability to invest successfully in new technologies and other factors which are described in the Fund's filings with the securities commissions. These risks may affect the achievement of the expected results of the transactions described herein. There can be no assurance that the said transactions will be successfully completed or that, if completed, the expected consequences will result in whole or in part, and the deviations from such expectations may be material.
SOURCE Cinram International Income Fund