ComScore, Inc. announced that it has received $85 million in funding from Starboard Value LP, Ramius, LLC
January 15, 2018
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comScore, Inc. (OTCPK:SCOR) announced that it has entered into an agreement for a private placement of senior secured convertible notes due 2022 for gross proceeds of $85 million on January 16, 2018. The round included participation from Starboard Value and Opportunity S LLC and Starboard Value And Opportunity C LP, that are funds managed by existing investor Starboard Value LP, along with Starboard Value & Opportunity Master Fund Ltd, a fund co-managed by Starboard Value LP and Ramius, LLC. Starboard Value LP also invested on a standalone basis. The company also issued 250,000 warrants, exercisable at a price of $0.01 for a period of five years. The notes will carry an interest rate of a minimum of 6% per annum during the first year and a minimum of 4% per annum in subsequent years, and will mature on January 16, 2022. The interest rate may be increased to a maximum of 12% per year in the event that the conversion premium is more than 30% relative to the average common stock price over the above 10-day period, or under certain other circumstances. The notes are guaranteed by certain of the company's direct and indirect wholly-owned domestic subsidiaries, and are secured by a first lien security interest on its and the guarantors' assets, subject to certain exceptions. The notes are convertible into common shares at a conversion premium of 30% to the volume-weighted average trading prices of its common stock over the 10 trading days beginning on the date hereof and ending on January 29, 2018, subject to a conversion price floor of $28 per share.
comScore, Inc. is an information and analytics company that measures advertising, content, and the consumer audiences of each, across media platforms. The Company creates its products using a global data platform that combines information on digital platforms, television (TV), direct to consumer applications, and movie screens with demographics and other descriptive information. The Company's products and services are organized under two groups: Digital Ad Solutions, which provides measurement of the behavior and characteristics of audiences across digital platforms, including computers, tablets, mobile and other connected devices, and Cross Platform Solutions, which provides measurement of content and advertising audiences across local, national and addressable television, including consumption through connected (Smart) televisions, and are designed to help customers find the relevant viewing audience whether that viewing is linear, non-linear, online or on-demand.