In the framework of two tranches of EUR 50 million structured by BNP Paribas Fortis with the participation of the European Investment Bank (EIB) and KBC Bank, XDC has fulfilled all the conditions in order to proceed to the first draw down of this loan facility effective 21 May 2010.
The utilization of the first tranche will be used in first instance for the roll-out of digital systems with Belgian exhibitors. Several other utilizations are already planned in the next weeks for digital installations in other countries as Germany, Spain, Poland, Hungary, Czech Republic and Slovakia.
This loan is the first important project financing deal in the European digital cinema industry. It is substantially covered by an insurance provided by the Belgian Export Credit Agency (ONDD) for 22 European countries.
“Finally, this is the tangible result of 18 months of intensive cooperation between XDC, the 3 banks and 6 major Hollywood studios” said Serge Plasch, XDC’s CEO. “With this loan we will now in practical terms be able to finance more than 2,000 screens across Europe”.
XDC is the n°1 digital cinema company in Europe with more than 1.500 committed digital screens out of which 50% have already been deployed. XDC HQ is based in Liege (Belgium) and provides end-to-end digital cinema solutions including equipment supply, financing (VPF, leasing, etc), training, installation and 24/7 maintenance, as well as content processing and delivery. The company is the first entity to have VPF digital cinema deployment agreements with all 6 major US studios Warner, Fox, Universal, Paramount, Sony and Disney for a total of 8,000 digital screens in 22 European countries. XDC Digital Content Lab has been processing more than 600 different titles, and offers a full service including mastering, duplication, key management, 24/7 helpdesk, extranet tracking, physical/virtual delivery. XDC is also very active in Alternative Content by offering a full service from booking and promotion up to delivery, reporting and box office collection.