Prime Focus share price gains 3% as DNEG plans to raise $375 million

Prime Focus share price jumped over 4 percent intraday on September 29 after the company said it intends to raise $375 million in aggregate principal amount through senior secured notes due 2025.

DNEG plc announced that it intends to commence a private offering of USD 375 million in aggregate principal amount of senior secured notes due 2025. It intends to use the net proceeds of the offering, to repay amounts outstanding under its existing term loan facility, its existing revolving loan facility and its Indian financing facilities, to extend a loan to its parent group of companies, to pay related transaction fees and expense, and for general corporate purposes, the company said in an exchange filing.

DNEG was formed through the 2014 merger of Prime Focus (founded in 1995) and Double Negative (founded in 1998).

The stock was trading at Rs 38.80, up Rs 1.40, or 3.74 percent. It has touched an intraday high of Rs 39.05 and an intraday low of Rs 38.80.