Investor TCA Global Credit Master Fund gets 1.47 million shares
By Devika Patel
Knoxville, Tenn., May 9 - Comprehensive Care Corp. settled a $5 million senior secured revolving credit facility with TCA Global Credit Master Fund, LP on May 3, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company has already raised $1 million.
The 12% revolver matures in six months. The notes issued under the facility may be prepaid or converted to common stock at a conversion price equal to 85% of the lowest daily volume-weighted average price of the stock during the five business days preceding the conversion date.
The company may repay the facility prior to maturity.
TCA also received 1,470,588 common shares as a fee.
Proceeds will be used for general working capital purposes.
Tampa, Fla.-based Comprehensive Care is a behavioral health, substance abuse and employee assistance program provider for governmental agencies, managed-care companies and employer groups.
| Issuer: | Comprehensive Care Corp.
|
| Issue: | Senior secured revolving credit facility
|
| Amount: | $5 million
|
| Maturity: | Six months
|
| Coupon: | 12%
|
| Call: | Yes
|
| Conversion price: | 85% of the lowest daily volume-weighted average price of the stock during the five business days preceding the conversion date
|
| Warrants: | No
|
| Investor: | TCA Global Credit Master Fund, LP
|
| Fees: | 1,470,588 shares
|
| Settlement date: | May 3 (for $1 million)
|
| Stock symbol: | OTCBB: CHCR
|
| Stock price: | $0.13 at close May 2
|
| Market capitalization: | $10.76 million
|
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