COS COB, Conn., July 17, 2020 (GLOBE NEWSWIRE) -- Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE), one of the largest operators of streaming advertising-supported video-on-demand (AVOD) networks, today announced the closing of its underwritten public offering of an aggregate principal amount of $21 million 9.5% Notes due 2025. The Notes are expected to begin trading on Nasdaq under the symbol “CSSEN” within 30 days of the original issue date. The Notes will not be convertible into or exchangeable for any of the Company’s other securities.

Interest payments will be made quarterly in arrears on March 31, June 30, September 30, and December 31 each year, beginning September 30, 2020. The Company can redeem the Notes, in whole or in part, at any time on or after July 31, 2022 or upon a change of control at the redemption price of par plus accrued interest. The Notes are rated BBB by Egan-Jones Ratings Company.

The Company intends to use the net proceeds from this offering to repay the outstanding principal and interest owed under the Company’s commercial loan facility with Patriot Bank, N.A. as well as for general corporate purposes.

Ladenburg Thalmann & Co. Inc. and National Securities Corporation, a wholly-owned subsidiary of National Holdings, Inc. (Nasdaq: NHLD) acted as joint bookrunning managers of the offering. The Benchmark Company and Northland Capital Markets, acted as lead managers.

ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENT

Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE) operates streaming video-on-demand networks (VOD). The Company owns a majority stake in Crackle Plus, a company formed with Sony Pictures Television, which owns and operates a variety of ad-supported and subscription-based VOD networks including Crackle, Popcornflix, Popcornflix Kids, Truli, Pivotshare, Españolflix and FrightPix. The Company also acquires and distributes video content through its Screen Media subsidiary and produces original long and short-form content through Landmark Studio Group, its Chicken Soup for the Soul Originals division and APlus.com. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name.