WORLDSPACE(R), Inc. Reaches Agreement to Defer Debt Payment
01 7์ 2008 - 10:18PM
Business Wire
WORLDSPACE๏ฟฝ Satellite Radio (NASDAQ:WRSP), one of the world leaders
in satellite-based digital radio services, announced today that it
has agreed with each of the four holders of the Company's amended
and restated secured notes (the "Bridge Loan Notes") and second
amended and restated convertible notes (the "Convertible Notes") to
defer until July 9, 2008 the Company's obligation to pay $19.86
million in principal amount of the Bridge Loan Notes including
accrued but unpaid interest due on the Bridge Loan Notes and
Convertible Notes that was scheduled to be paid on June 30, 2008.
In connection with this agreed deferral, each of the note holders
will receive a pro rata portion of an aggregate of 1.5 million new
Company warrants exercisable for shares of the Class A Common Stock
of the Company. The warrants will be exercisable at $1.55 per
share, and will be exercisable for a 5 year period from the date of
issuance. WORLDSPACE has further agreed to grant registration
rights reasonably acceptable to the holders with respect to the
shares underlying these new warrants, which will have identical
terms to the warrants that were issued to the holders on June 13,
2008 in connection with the previously announced deferral
agreement. Interest on all of the holders๏ฟฝ existing Bridge Loan
Notes and Convertible Notes will continue to accrue until paid in
full. About WORLDSPACE๏ฟฝ Satellite Radio Based in the Washington, DC
metropolitan area, WorldSpace, Inc. (Nasdaq: WRSP) is the world's
only global media and entertainment company positioned to offer a
satellite radio experience to consumers in more than 130 countries
with five billion people, driving 300 million cars. The Company's
two- satellite network covers two-thirds of the earth's population
with six beams. Each beam is capable of delivering up to 80
channels of high quality digital audio and multimedia programming
directly to WORLDSPACE(R) satellite radios anytime and virtually
anywhere in its coverage areas. WORLDSPACE is finalizing
preparations to launch Europe's first subscription-based mobile
satellite radio and data service beginning with Italy in 2009, and
followed by other European and Middle Eastern countries including
Germany and the UAE. Upon service launch, subscribers will have
access to a wide range of exclusive content available in national
languages, including commercial-free music as well as news, sports,
talk and other entertainment content (40-50 channels at service
maturity). WORLDSPACE also expects to offer unique data services
including real-time traffic information and navigation for
automobile commuters, weather forecasts, and personalized content
such as music downloads directly from the satellite. WORLDSPACE is
a pioneer of satellite-based digital radio services (DARS) and was
instrumental in the development of the technology infrastructure
used today by XM Satellite Radio. For more info, please visit
http://www.WORLDSPACE.com or http://www.worldspace-europe.com
Forward-looking Statements This press release may contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations or beliefs about future
events and financial, political and social trends and assumptions
it has made based on information currently available to it. The
Company cannot assure that any expectations, forecasts or
assumptions made by management in preparing these forward-looking
statements will prove accurate, or that any projections will be
realized. Such forward-looking statements may be affected by
inaccurate assumptions or by known or unknown risks or
uncertainties. Actual results may vary materially from those
expressed or implied by the statements herein. For factors that
could cause actual results to vary, perhaps materially, from these
forward-looking statements, please refer to the Company's Form
10-K, filed with the Securities and Exchange Commission, and other
subsequent filings. Forward-looking statements contained herein
speak only as of the date of this release. The Company does not
undertake any obligation to update or revise publicly any
forward-looking statements, whether to reflect new information,
future events or otherwise.
Worldspace (MM) (NASDAQ:WRSP)
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Worldspace (MM) (NASDAQ:WRSP)
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