XDC digital rollout receives 50 million euro backing

http://www.filmjournal.com/filmjournal/content_display/news-and-features/news/digital-cinema/e3idb7a65553a4b13f6399e002af9d2f82a

March 10, 2009

Fortis Bank committed to funding the first bond series of 50 million euros for the financing of XDC’s rollout of digital-cinema equipment across Europe, as part of a mandate to arrange 100 million euros in financing. The credit facility will be available for drawdown upon fulfillment of certain conditions, including satisfactory documentation. Closing is expected by mid-April for the first major financing deal in the European digital-cinema industry.

Last year, XDC executed Digital Cinema Deployment Agreements with six major Hollywood studios, after which the company started the first deployment with European exhibitors and the support of European distributors.

The commitment by Fortis Bank will now enable XDC to complete the first phase of its virtual print fee-based rollout. With the total 100 million euros, XDC will be able to finance more than 2,000 digital screens across different European countries.

Last December, XDC raised an additional six million euros, half from its existing shareholders and half from the Société Régionale d’Investissement de Wallonie.