Beijing, 22nd October: NASDAQ-listed Xinhua Finance Media Limited (XFML) announced this week that it has secured up to US$80 million in financing from Patriarch Partners LLC, a New York-based investment firm.
Patriarch Partners is the second largest shareholder of XFML. The deal offers XFML a four year loan facility with outstanding amounts convertible into XFML shares at US$2.24 after year one, US$2.74 after year two and US$3.24 in the third year. XFML shares closed at US$1.12 yesterday.
The company stated that the funds will be used to expand its broadcasting business in mainland China. XFML is a subsidiary of Xinhua Finance Limited. XFML produces and distributes TV and radio broadcast programmes and creates and sells advertising for television, print, radio and outdoor media.