March 03, 2011

Venable represents Guthy-Renker LLC in restructuring of $5 million revolving credit facility

1 min

Business Transactions Practice Group attorneys Bob Bolger and Brandt Mori represented Guthy-Renker LLC, one of the leading direct response marketing companies, in connection with Guthy-Renker’s restructuring of a $5 million secured revolving credit facility that Guthy-Renker's subsidiary, GR Match, LLC, previously extended to CyberDefender Corporation (NASDAQ: CYDE), a publicly traded provider of Internet security software, utilities and remote technical support services. The existing revolving credit facility, which was scheduled to mature on March 31, 2011, was restructured into secured convertible debt that matures in March 2012. The debt restructuring is an additional step in Guthy-Renker's strategic relationship with CyberDefender and is intended to help strengthen CyberDefender's balance sheet to enable CyberDefender to fund its future growth.

In connection with the restructuring of the revolving credit facility, Guthy-Renker and CyberDefender also re-negotiated specified terms of the existing $5.3 million senior convertible loan that was made by GR Match to CyberDefender in March 2010 and specified terms of the existing Media and Marketing Services Agreement between the parties.