The proceeds from the offering are expected to be utilized for - (a) to repay amounts outstanding under its existing term loan facility, its existing revolving loan facility and its Indian financing facilities, (b) to extend a loan to its parent group of companies, (c) to pay related transaction fees and expense, and (d) for general corporate purposes.
In its regulatory filing, Prime Focus said, "There can be no assurance that the private offering of Notes will be completed."
Prime Focus also said, the Notes will be offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended (the “Securities Act”). The Notes will be offered only to persons reasonably believed to be qualified institutional buyers according to Rule 144A and to certain persons outside the United States according to Regulation S, each under the
Also, the company stated that the Notes will not be or have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.