Xinhua Sports & Ent. (XSEL) Amends Loan Facility with Patriarch Partners Affiliates
Xinhua Sports & Entertainment Limited (Nasdaq: XSEL), announced today that it has entered into an agreement to restructure the terms of its secured convertible loan facility with affiliates of Patriarch Partners LLC.
Under the terms of the Amendment, the Company repaid $16,343,960, and Patriarch agreed to lend the Company an additional $7.6 million non-convertible term loan, bringing the aggregate amount outstanding under the Patriarch facility to $49,056,040.00, and to waive all existing defaults and revise the terms of the financial covenants. As a part of the transaction, in consideration for the waiver and extension of additional loans in the Amendment, Patriarch has been granted additional security in the Company's assets as collateral for the loans and the Company issued to affiliates of Patriarch Series C Preferred Shares convertible into 25% of the fully diluted common equity of the Company and paid certain fees and expenses.
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