Key Developments For DG FastChannel, Inc.
DG FastChannel, Inc. (DGIT.O) (Consolidated Issue listed on NASDAQ Global Market)
DG FastChannel Inc. Announces Partnership With Google
DG FastChannel Inc. announced that it has executed a media services agreement with Google. DG FastChannel will provide media ingestion, quality control and production services to enhance Google`s TV Advertising Platform.
DG FastChannel Inc. and Visible World Expand Partnership To Automate Dynamic Message Customization On Broadcast Television
DG FastChannel Inc. announced an expansion of their partnership with Visible World, the provider of targeted television advertising solutions. The partnership expansion enables advertisers using DG FastChannel to dynamically customize and target broadcast television ads easily and efficiently through Visible World's automated message optimization system, which spans television platforms. The resulting network will enable broadcast advertisers to create, deliver, and target multiple messages, reflecting local market needs and the ability to adjust content on a near real-time basis based on changes in the business or operating environment.
DG FastChannel inc. Announces Change To Executive Management
DG FastChannel inc. announced the promotion of Neil Nguyen to President and COO of DG FastChannel. Scott Ginsburg will continue to serve as the company's Chairman and Chief Executive Officer.
Digital Generation Systems Prices Public Offering Of Common Stock
Digital Generation Systems announced that it has priced a public offering of 2,500,000 shares of its common stock, at a price of $19.50 per share. Net proceeds, after underwriting discounts and commissions and expenses, will be approximately $45.8 million. DG FastChannel has granted the underwriters a 30 day option to purchase up to an additional 375,000 shares to cover over allotments, if any. The offering is expected to close on June 8, 2009. DG FastChannel intends to use the net proceeds from the sale of securities to repay indebtedness outstanding under its senior credit facility, fund potential acquisitions and for general corporate purposes. Oppenheimer & Co. Inc. and Roth Capital Partners, LLC are acting as Joint-Bookrunners.
DG FastChannel Inc. Amends Senior Credit Facility And Retires Bridge Loan Early
DG FastChannel Inc. announced that it has amended its senior credit facility dated March 2008. The amended facility now consists of $148 million in term loans and a $30 million revolving line of credit for a total credit facility of $178 million. The amended senior credit facility will bear interest at LIBOR plus applicable margins of 300-500 bps based on DG FastChannel's leverage levels. The new term loan will mature in 2013. Pursuant to the amended credit facility agreement, DG FastChannel repaid its $65 million bridge loan to BMO Capital Markets through the following actions: increasing its current term loan by $40 million, drawing down $20 million on its revolving line of credit, and paying the remainder in cash. The bank group is anchored by: BMO Capital Markets (lead arranger), with Bank of America, N.A. and U.S. Bank, N.A. joining the existing bank group including Wells Fargo, Webster Bank, N.A., Citibank, N.A., Fifth Third Bank, First Tennessee Bank, N.A., First Bank, and Bank of the West.
