Network Corporate Finance structured a debt-equity swap for PROCON MultiMedia AG and advised on a combined capital increase involving both non-cash and cash contributions.
Transaction
PROCON MultiMedia AG, listed on the Prime Standard, has converted loan liabilities amounting to EUR 16.65 million into equity as part of a debt-equity swap. Through the combined capital increase in kind and cash, the share capital was increased by EUR 10.8 million through the issue of a total of 10,767,294 new no-par value shares in return for contributions in kind and cash. The company also generated gross issue proceeds of around EUR 1.4 million from the cash capital increase.
Target Company
The listed PROCON Group operates in nine countries and provides technical services for events as well as film and television productions.
PROCON-Group, which is listed in the Prime Standard, has developed its business since its establishment in 1988 from offering specialised light engineering services to becoming an international full-service provider for events as well as movie and television productions, who covers nearly the full spectrum of technical services even for large-scale projects.
Key Facts
| Transaction value: | EUR 15 Mio. |
| Sector: | Media |
| Sales: | EUR 92 Mio. (2007e) |
| Employees: | rd. 400 |
| Date: | November 2007 |
Clients
PROCON MultiMedia AG, Hamburg
The role of Network Corporate Finance
Network Corporate Finance reviewed various strategic options for the client, structured the debt-equity swap and advised on its implementation as part of the combined capital increase.
