Recent stories
- 4 Mar 2010 - Appointment of Non Executive Director
Incisive Media, a leading business information provider, is pleased to announce that Brian Larcombe will join the board as Non Executive Director with immediate effect. Brian Larcombe spent the majority of his executive career at 3i Group plc ('3i'), a world leader in venture capital and private equity. - 5 Nov 2009 - ETFM recognised for innovation at 8th annual State Street Institutional Press Awards
Exchange Traded Funds Magazine – ETFM – has been recognised at the 8th annual State Street Institutional Press Awards, on 4th November, for outstanding performance in institutional financial reporting. - 20 Oct 2009 - Post wins best financial trade publication of the year at ABI Media Awards
Post Magazine was acclaimed as the winner of the highly coveted Financial Trade Publication of the Year award at the 2009 Association of British Insurers' Financial Media Awards, 15th October.
Incisive News
Incisive Media reaches agreement on refinancing of the Group
- 8 Sep 2009Incisive Media reaches agreement on refinancing of the Group
- Detailed terms of a financial restructuring have been agreed with the principal lenders and shareholders of Incisive Media
- An agreement has been reached between the key parties in respect of the facilities of Incisive Media and ALM
- The ALM business, originally acquired in August 2007, will be separated and operated on a standalone basis
- Both businesses will benefit from a significant reduction in debt
The Group has reached an agreement with its principal lenders to resolve its financing issues. Although both the UK and US businesses continue to generate operating profits despite the impact of the downturn in the global economy on the end markets they serve, the existing debt structure is unsustainable and a financial restructuring will therefore be undertaken.
Following extensive negotiations the Group has reached agreement with its principal lenders to address the financing issues arising from the debt finance for the acquisition of Incisive Media by Apax Partners in December 2006 and the subsequent acquisition of the ALM business in August 2007. These deals were structured as separate transactions involving a syndicate of lenders on the Incisive Media side and a bi-lateral deal with The Royal Bank of Scotland plc on the ALM side. Incisive Media's principal lenders have agreed to enter into an agreement with the group in which the principal lenders will become the majority shareholders; and the restructuring of the ALM business has been agreed. These restructurings, given the packages remained separate, will result in Incisive Media and ALM being separated and operated on a standalone basis, each with their own financing, board and management.
Completion of both transactions is subject to a number of conditions including finalising legal documentation and receipt of competition clearance. Following the completion of the restructurings, both businesses will have stronger balance sheets enabling them to approach the future with confidence.
Tim Weller, Group CEO Incisive Media
“I am delighted that we have reached an agreement with our lenders. Although ALM will be separated from Incisive Media, today’s announcement has underlined the banks' confidence in the future of our company and their support of the existing management team, our people and our brands. The restructuring is extremely positive as it has significantly strengthened our balance sheet and will give us the ability to take advantage of the opportunities that lie ahead.”
