- Repeat Client: This is Brookwood's second transaction for TNR. Brookwood successfully raised $10 million of growth equity for TNR on attractive terms in December 2005.
- Immediate Need for Capital: In July 2006, TNR secured the contract to deploy its DVD rental kiosks in Kroger grocery stores nationwide. TNR challenged Brookwood to run a fast-paced process to secure over $25 million required to support the rapid deployment timeline.
- Thorough, Effective Process: Brookwood quickly revamped TNR's prior equity-oriented materials into a debt-focused document emphasizing: (i) the compelling unit economics, track record and underlying cash flows; (ii) TNR's leading market position, management strength and infrastructure; and (iii) the sustainability of the DVD rental industry. Brookwood tapped its extensive network of traditional senior debt, mezzanine and private equity sources, plus emerging hedge fund and one-stop capital providers.
- Excellent Results: The expedited process generated numerous interested investors. Ultimately, strong capital-provider interest allowed TNR to close on a larger $35 million debt facility and an attractively priced $10 million equity round. In addition, TNR adds a new financing partner in MCG that offers substantial resources to support future growth.
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"Brookwood did an extraordinary job of communicating the reality of our business and its value to investors. They initiated, managed, and closed the transaction quickly and professionally. As in our last round, Brookwood met or exceeded all our goals and expectations."
- Richard Cohen, CEO
The New Release
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