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Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

19.  Subsequent Events

In April 2016, the Company through its wholly-owned subsidiary, IBG Borrower LLC, entered in to an agreement with Galore Media, Inc. (Galore), a marketing company formed in FY 2015 and still in a development stage.  Under the agreement, the Company purchased 50,050 shares of Series A Preferred Stock of Galore for $0.5 million as well as entered into an arrangement whereby the Company agreed to purchase up to $0.5 million of marketing services from Galore in FY 2016.  In connection with the marketing services arrangement, the Company received a warrant that could be exercised into additional shares of Galore’s Series A Preferred Stock at a nominal exercise price as the Company purchased specified levels of marketing services.  The Series A Preferred Stock carries voting rights, and the holders of the Series A Preferred Stock have the collective right to appoint one of five members of the Board of Directors as long as there are at least 48,000 Series A Preferred Shares outstanding. Given this arrangement, the Company will have an investment of approximately 11% in Galore.  

On April 4, 2016 (“the Closing Date”) upon satisfaction of applicable conditions, the Company received the net proceeds of $265.1 million associated with the Secured Senior Term Loan.  Refer to Note 6 for further details on this debt facility.  IBG Borrower deposited additional funds representing the difference between such net cash proceeds and the principal amount of the 1.50% Convertible Notes and interest payable thereon through their maturity, into an escrow account.  Effective as of the Closing Date, the funds in the escrow account may be released to IBG Borrower from time to time, subject to the satisfaction of customary conditions precedent upon each withdrawal, exclusively to finance repurchases of, or at the maturity date thereof to repay in full, the 1.50% Convertible Notes. The Company may determine to make these repurchases in the open market or privately negotiated transactions, depending on prevailing market conditions and other factors.

In April 2016, Hearst Corporation and Verizon Communications, Inc. entered into an agreement to jointly acquire Complex Media.  The Company will be selling its interest in Complex Media in connection with the transaction which is expected to close in July 2016.

In April 2016, the Company repurchased an aggregate principal amount of $143.9 million of the 2.50% Convertible Notes for an aggregate amount equal to $145.3 million (inclusive of $1.4 million of accrued and unpaid interest).  Excluding $0.4 million of broker fees, the Company used the amounts included in the escrow account associated with the Senior Secured Term Loan (refer to Note 6 for further detail) for these repurchases of debt.