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Image Completes $17M Financing Deal

31 Aug, 2006 By: Erik Gruenwedel

Image Entertainment completed a $17 million financing deal with Ramius Capital Group, LLC, a New York-based institutional investor.

Under terms of the deal, the five-year note is convertible into 4 million shares of Image common stock at a fixed price of $4.25 per share. The company will pay 7.87% interest annually on the amount.

Chatsworth, Calif.-based Image (whose stock closed Aug. 31 at $3.64 per share) said it would use the funds to pay off its Wells Fargo revolving credit line and help finance its recently announced distribution deal with Relativity Media.

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