Cinram announced that it has issued 373,172,682 fund units, pursuant to the terms of its second lien credit agreement, as well as the resignation of the chairman of its board of trustees.
For more information visit: www.cinram.com
Unedited press release follows:
Cinram International Income Fund Announces Completion of Unit Issuance
TORONTO, Jan. 3, 2012 – 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.”
About Cinram
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.