PROPEL MEDIA, INC. (NYSE:NEWM) Files An 8-K Other EventsItem 8.01
On January 28, 2015, in connection with the closing of the business combination between Propel Media, Inc. (the “Company”), Kitara Media Corp. (“Kitara”) and Propel Media LLC (formerly known as Future Ads LLC) (“Propel Media”), the Company, Kitara and Future Ads as “Borrowers” and certain of their subsidiaries as “Guarantors” entered into a financing agreement (“Financing Agreement”) with certain financial institutions as “Lenders,” Highbridge Principal Strategies, LLC, as collateral agent for the Lenders, and PNC Bank, National Association, as a Lender and administrative agent for the Lenders. The Financing Agreement and other loan documents provided for $12,500,000 to be paid to the Lenders on the fourth anniversary of the closing date of the Financing Agreement (the “Final Payment”).
On May 30, 2017, the parties to the Financing Agreement agreed that, subject to certain conditions, if the amounts owed under the Financing Agreement are repaid in full at any time through and including September 30, 2017 (the date of repayment being referred to as the “Repayment Date”), the Final Payment will be reduced to an amount equal to 5.0% times the aggregate principal amount of the loans repaid on the Repayment Date. If all amounts under the Financing Agreement are not repaid on or before September 30, 2017, the Final Payment will continue to be due as originally contemplated ($12,500,000 paid on the fourth anniversary of the closing date of the Financing Agreement).
About PROPEL MEDIA, INC. (NYSE:NEWM)
New Media Investment Group Inc. is a holding company. The Company owns, operates and invests in local media assets. The Company’s segments include Eastern US Publishing, Central US Publishing, Western US Publishing and BridgeTower. It focuses on owning and acquiring local media assets in small to mid-size markets. It is a publisher of local newspapers and related publications. As of December 25, 2016, its portfolio of media assets spanned across 538 markets and 36 states. As of December 25, 2016, its products included 631 community print publications, 538 Websites and two yellow page directories. Its directory portfolio includes Surewest Directories located in and around the Sacramento, California area, primarily in Roseville, California. The Roseville directory serves the local Roseville community. It also owns additional directory based in Mt. Shasta, California. Propel is its business services product line with digital products designed for small and midsized businesses (SMBs). PROPEL MEDIA, INC. (NYSE:NEWM) Recent Trading Information
PROPEL MEDIA, INC. (NYSE:NEWM) closed its last trading session down -0.08 at 12.93 with 383,519 shares trading hands.