By Sheri Kasprzak
New York, Jan. 23 - All American Plazas, Inc. said it has completed a private placement of convertible debentures for $2.5 million.
The two-year debentures bear interest at Libor plus 400 basis points annually, due quarterly.
Assuming All American completes a merger with Able Energy, Inc., the debentures will be convertible into common shares at $3.00 each and the investors will receive warrants for half of the shares issuable upon conversion at $3.75 each.
Proceeds will be used for the acquisitions of real estate property in New Hampshire.
Based in Myerstown, Pa., All American operates a chain of gasoline stations.
| Issuer: | All American Plazas, Inc.
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| Issue: | Convertible debentures
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| Amount: | $2.5 million
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| Maturity: | Two years
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| Coupon: | Libor plus 400 basis points
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| Conversion price: | $3.00, assuming completion of merger between All American and Able Energy, Inc.
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| Warrants: | For half of the shares issuable upon conversion
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| Warrant strike price: | $3.75
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| Settlement date: | Jan. 20
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