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DigitalBridge Group, Inc. (NYSE: DBRG) announced the exchanges and redemption of the remaining $78 million balance of its 5.75% Exchangeable Senior Notes due 2025. The transactions resulted in the issuance of 8.2 million additional Class A common shares to exchanging noteholders and a cash payment of $5 million to redeem the outstanding principal balance. These actions aim to simplify the corporate balance sheet.
DigitalBridge Group, Inc. (NYSE: DBRG) ha annunciato lo scambio e il rimborso del saldo residuo di 78 milioni di dollari delle sue Note Senior Scambiabili al 5,75% con scadenza nel 2025. Le transazioni hanno comportato l'emissione di ulteriori 8,2 milioni di azioni ordinarie Classe A agli obbligazionisti scambisti e un pagamento in contanti di 5 milioni di dollari per rimborsare il saldo del capitale residuo. Queste azioni mirano a semplificare il bilancio societario.
DigitalBridge Group, Inc. (NYSE: DBRG) anunció el intercambio y redención del saldo restante de $78 millones de sus Notas Senior Convertibles al 5.75% con vencimiento en 2025. Las transacciones resultaron en la emisión de 8.2 millones de acciones comunes Clase A adicionales a los tenedores de notas que intercambiaron y un pago en efectivo de $5 millones para redimir el saldo principal pendiente. Estas acciones tienen el objetivo de simplificar el balance de la empresa.
DigitalBridge Group, Inc. (NYSE: DBRG)는 2025년 만기 5.75% 교환 가능한 시니어 노트의 잔여 금액 7800만 달러를 교환 및 상환한다고 발표했습니다. 이 거래로 인해 교환하는 노트 소유자들에게 추가적으로 820만 주의 A급 보통주가 발행되었고, 잔여 원금을 상환하기 위해 500만 달러의 현금 지급이 이루어졌습니다. 이러한 조치는 회사의 재무제표를 단순화하는 것을 목표로 합니다.
DigitalBridge Group, Inc. (NYSE: DBRG) a annoncé les échanges et le remboursement du solde restant de 78 millions de dollars de ses Billets Seniors Échangeables à 5,75% échéant en 2025. Les transactions ont résulté en l'émission de 8,2 millions d'actions ordinaires Classe A supplémentaires aux porteurs de billets échangeant et un paiement en espèces de 5 millions de dollars pour rembourser le solde principal en cours. Ces actions visent à simplifier le bilan de l'entreprise.
Die DigitalBridge Group, Inc. (NYSE: DBRG) kündigte den Umtausch und die Einlösung des verbleibenden Saldos von 78 Millionen US-Dollar ihrer 5,75% austauschbaren Senior Notes fällig 2025 an. Die Transaktionen führten zur Ausgabe von zusätzlichen 8,2 Millionen Class A Stammaktien an wechselnde Noteninhaber und einer Barzahlung von 5 Millionen US-Dollar, um den ausstehenden Hauptbetrag zu tilgen. Diese Maßnahmen zielen darauf ab, die Unternehmensbilanz zu vereinfachen.
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Insights
DigitalBridge's decision to exchange and redeem the 2025 Exchangeable Senior Notes introduces a notable change to their financial structure. The transaction involved converting debt into equity, specifically issuing 8.2 million Class A common shares, which could potentially dilute current shareholders' value. However, it's worth noting that these shares were already accounted for in the fully diluted share count, mitigating surprise effects on the market valuation. The $5 million cash payment to cover the remaining outstanding principal balance is a relatively minor cash outflow for the company; yet, it positively impacts the balance sheet by reducing the debt load. This could be seen as an attempt to optimize capital structure, possibly reducing financial risk and interest expenses. For investors, it's important to monitor the company's future earnings reports to evaluate the impact of this dilution on earnings per share. Additionally, the reduction in debt may lead to improvements in debt ratios, which could enhance the company's credit profile and potentially lower borrowing costs in the future.
In terms of market implications, DigitalBridge's strategy to simplify its balance sheet by addressing debt maturities ahead of schedule is a proactive move. It reflects a focus on financial health and could signal to investors a management team that is conscientious about balance sheet management. The issuance of new shares in place of debt may also imply that management sees the equity as being priced favorably, or that they are willing to bet on the company's growth prospects outweighing the dilutive effect. For stakeholders, the key takeaway is to watch how these transactions affect the company's leverage metrics and cost of capital, as these could have ripple effects on the company's strategic decisions and investment potential.
Transactions Further Simplify Corporate Balance Sheet
BOCA RATON, Fla.--(BUSINESS WIRE)--
DigitalBridge Group, Inc. (NYSE: DBRG) (“DigitalBridge” or the “Company”) today announced the exchanges and redemption of the remaining $78 million balance of its 5.75% Exchangeable Senior Notes due 2025 (“2025 Senior Notes”). The transactions resulted in the issuance of 8.2 million additional Class A common shares to exchanging noteholders, which have previously been included in the Company’s calculation of its fully diluted share count, and a cash payment of $5 million to redeem the remaining outstanding principal balance of the 2025 Senior Notes following the exchanges.
The Company has filed a prospectus supplement and a current report on Form 8-K with the Securities and Exchange Commission in connection with the registration of common shares issued to certain holders in exchange for their 2025 Senior Notes.
About DigitalBridge
DigitalBridge (NYSE: DBRG) is a leading global alternative asset manager dedicated to investing in digital infrastructure. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem, including cell towers, data centers, fiber, small cells, and edge infrastructure, the DigitalBridge team manages over $80 billion of infrastructure assets on behalf of its limited partners and shareholders. Headquartered in Boca Raton, Florida, DigitalBridge has key offices in New York, Los Angeles, London, Luxembourg, and Singapore.
Media:
Joele Frank, Wilkinson Brimmer Katcher
Jon Keehner / Sarah Salky
(212) 355-4449
dbrg-jf@joelefrank.com
Source: DigitalBridge Group, Inc.
FAQ
What did DigitalBridge announce regarding its 2025 Senior Notes?
DigitalBridge announced the exchanges and redemption of the remaining $78 million balance of its 5.75% Exchangeable Senior Notes due 2025.
How many additional Class A common shares were issued as a result of the transactions?
8.2 million additional Class A common shares were issued to exchanging noteholders.
What was the cash payment made by DigitalBridge?
DigitalBridge made a cash payment of $5 million to redeem the remaining outstanding principal balance of the 2025 Senior Notes following the exchanges.
What filings did the Company make in connection with the registration of common shares issued?
The Company filed a prospectus supplement and a current report on Form 8-K with the Securities and Exchange Commission.
