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MORRISTOWN, N.J.—May 6, 2010

Cinedigm Digital Cinema Corp. Subsidiary Closes $172.5 Million New Credit Facility -

Funds To Refinance and Extend the Maturity on All Existing Phase 1 Senior and Mezzanine Non-Recourse Debt
 -
Provisional Moody’s Ba1 Rating on Newly Formed Subsidiary Cinedigm Digital Funding I, LLC - Société Générale and GE Capital Markets Serve as Joint Lead Arrangers
 
Cinedigm Digital Cinema Corp. (“Cinedigm”) (NASDAQ: CIDMtoday announced the closing of a $172.5 million credit facility co-led by Société Générale Corporate & Investment Banking and GE Capital Markets. This new credit facility will refinance all existing senior and mezzanine non-recourse debt in the Company’s Phase 1 deployment subsidiary, Christie/AIX, through a newly formed bankruptcy remote subsidiary called Cinedigm Digital Funding I, LLC. The facility has received a provisional rating of Ba1 from Moody’s Investor Service.   The new credit facility will replace the Company’s credit facility led by GE Capital Markets in 2006.
 
The new 6-year term loan, provided by a syndicate of 19 institutional lenders led by Société Générale and GE Capital Markets, will be at a rate of LIBOR +350 basis points with a 1.75% LIBOR floor, improving upon the previous rate of LIBOR +600 basis points with a 2.5% LIBOR floor. This new facility significantly improves upon the terms of the previous credit facility through a combination of reduced borrowing costs to Cinedigm Digital Funding, a more flexible covenant package, a 32 month maturity extension and improved free cash flow to support the payment of service fees to Cinedigm Digital Cinema Services, our service division. This new non-recourse credit facility is secured by the assets of Cinedigm Digital Funding 1, LLC.
 
“We are very pleased to complete this refinancing and to have a provisional rating of Ba1 by Moody’s,“ said Bud Mayo, Chairman and CEO of Cinedigm. “This successful refinancing of our existing debt reaffirms the value of the Phase 1 digital cinema asset base and the critical role Cinedigm plays in driving the exhibition industry’s conversion to digital cinema.”
 
Adam M. Mizel, CFO and Chief Strategy Officer of Cinedigm, added, “This refinancing marks the next step in our efforts to strengthen Cinedigm’s balance sheet, to improve our access to capital and to continue to position the Company for growth. We appreciate the strong capital markets execution and lending support from our long time partners at Société Générale and GE Capital. “
 
“We are excited to have successfully delivered institutional investor commitments for the refinancing of Cinedigm’s Phase 1 digital cinema deployment,” said Richard Knowlton, Managing Director, Sociéte Générale, Leveraged Media and Telecom Finance. “Together with GE Capital, we have expanded funding options for the Company’s current and future digital cinema rollouts.”
 
Michael Rhea, Vice President, GE Capital, Media, Communications & Entertainment, commented, “GE Capital is a long-time supporter of the exhibition industry and of digital cinema.  We are pleased to be helping Cinedigm with their Phase 1 refinance and look forward to continuing our strong relationship.”
About Cinedigm: Cinedigm Digital Cinema Corp. is a leader in providing the services, experience, technology and content critical to transforming movie theaters into digital and networked entertainment centers. The Company partners with Hollywood movie studios, independent movie distributors, and exhibitors to bring movies in digital cinema format to audiences across the country. Cinedigm's digital cinema deployment organization, state of the art distributor and exhibition software, and marketing and distribution platform for alternative content and independent films are a cornerstone of the industry's digital cinema transformation. With the April acquisition of New Video, the world's largest aggregator of independent digital content and leading distributor of quality entertainment, CIDM has created a new full service end-to-end digital studio, enabling the Company to acquire and distribute independent films and specialty content both theatrically and via digital, mobile and home media platforms. Cinedigm Directory page
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