You will by now have seen Tim Weller's email to the full staff at Incisive Media responding to an article that appeared yesterday on the Financial Times' website. Just so we're clear, that article primarily concerned the refinancing of Incisive UK's debt and reported various rumors which may or may not prove to be true. Those negotiations continue and, as Tim's note said, we hope to hear soon that a mutually acceptable deal has been reached.

As regards Incisive North America, the refinancing of our debt has been moving along at a good pace. Our team (Allison Hoffman and Eric Lundberg, backed up by their respective staffs and outside counsel, as well as our colleagues at Apax) have been busy negotiating the credit agreement. As a non-lawyer I marvel at the ability of our team to work their way line-by-line through these complex loan documents and keep all the different terms straight. We are hopeful to have this wrapped up by the end of July, and I'll let you know as soon as we do.

For those who have been with the company for awhile, you will recall that this is at least the third time we have redone our debt in the past ten years, reflecting both our own ups and downs, as well as changes in the credit markets. I don't see this as particularly different, or as having much impact on our day-to-day operations. Our investors and lenders have all seen our business plans and understand full well what we are doing both for the short-term as well as the long-term. All understand that we are, first and foremost, a profitable media company in the midst simultaneously of a brutal recession and significant structural change in the way information will be distributed and consumed. We need to invest in technology and new product development in order to survive in the short-term and thrive in the long-term. And we will keep doing so.

If you have questions about the FT article or anything related to the refinancing, post them below or send me an email. And as soon as we're done with the refinancing I'll be sure to share that with you as well.