March 24, 2010 (FinancialWire) — Deerfield Capital Corp. (NASDAQ: DFR) said it has signed a definitive agreement to acquire Columbus Nova Credit Investment Management, LLC, a North Carolina-based investment manager specializing in leveraged loan credit products, from Bounty Investments, LLC.

an investment vehicle managed by Renova U.S. Management LLC ("Columbus Nova"), a New York-based investment management firm, 

The sale price is $25.0 million of stock, (at an implied price per share of $5.50), and deferred payments totaling $7.5 million of cash payable over five years.

Additionally, Bounty has agreed to purchase $25.0 million in principal amount of senior subordinated convertible notes issued by Deerfield.

Deerfield said that the proceeds from the convertible Notes, along with DFR cash, will be used to repurchase and retire all of the $73.9 million in principal amount of the outstanding series A and series B senior secured notes for a total purchase price of $55.0 million plus accrued interest.

The transactions, which are subject to closing conditions including stockholders approval, are scheduled to close during the second quarter of 2010.

Columbus Nova has offices in New York and Charlotte, North Carolina. Bounty Investments is a Delaware company, which is managed by Columbus Nova.

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