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Micro Hard Drive Maker Cornice Raises $97 Million in Debt, Equity

Authored by Mark Hefflinger on December 14, 2005 - 10:31am.
Longmont, Colo. - Cornice, a developer of miniature hard drives used in consumer electronics devices, announced on Wednesday that it has raised $97 million in debt and equity financing. Canada's Caisse led the equity investment; previous investors VantagePoint Venture Partners, BlueRun Ventures and BA Venture Partners also participated. Simultaneously, the company entered a new lending agreement with Hercules Technology Growth Capital, which provided Cornice with debt capital. Coloradio-based Cornice develops 1-inch hard drives used in portable digital music players from Thomson/RCA and Rio, as well as in cell phones and personal storage devices. The new funds will be used to support development and manufacturing initiatives for the company's micro hard drives, as well as to expand marketing and sales efforts.
tags: Deals | VC | Equity | Debt | Cornice | Micro Hard Drive |

Onstream Media Raises $2 Million in Convertible Debt

Authored by Mark Hefflinger on February 18, 2005 - 4:47am.
Pompano Beach, Fla. -- Onstream Media, a Florida-based business services provider of video and rich media communication, webcasting and digital asset management services, has raised $2 million in convertible debt from a group of previous investors, which exercised an option to invest more in Onstream. The company provides media encoding, editing, indexing and querying services.
tags: VC | Onstream Media | Debt | Convertible |

DirecTV Sells Remaining XM Satellite Radio Stake; XM to Redeem Debt

Authored by Mark Hefflinger on March 26, 2004 - 4:11am.
Washington -- Satellite TV operator DirecTV announced on Friday that it is selling its remaining 9 million shares in satellite radio firm XM Satellite Radio in a public offering priced at $230 million. "We really are focused on DirecTV, the U.S. satellite service," a DirecTV spokesman told Reuters. "We (do not) see our equity in XM as being a strategic asset any longer, (and) in a strong market we took advantage of the opportunity to sell our remaining shares." Separately, Washington-based XM said on Friday that it plans to redeem $50 million in additional debt, using proceeds from its January equity offering. The move comes just weeks after XM eliminated an additional $135 million in debt.
tags: Satellite Radio | DirecTV | XM | Debt | Redeem |

Satellite Radio Broadcaster XM Eliminates $135 Million in Debt

Authored by Mark Hefflinger on March 4, 2004 - 6:47am.
Washington, D.C. -- XM Satellite Radio, the D.C.-based provider of nationwide satellite radio service, said on Thursday that it has eliminated $135 million of its debt. The company said that it repaid $81.2 million using the proceeds of an offering completed in January, and converted another $45.7 million into stock. In addition, XM said that General Motors has converted $7.8 million of senior notes into stock.
tags: Satellite Radio | XM | Debt | Broadcastes |