By Sheri Kasprzak
New York, Oct. 14 - Cenuco, Inc. has received agreements from three institutional investors for three separate financings totaling $165 million.
Prencen, LLC; Highgate House Funds and Cornell Capital Partners, LP agreed to purchase $25 million in preferred stock at $3.80 each and $40 million in secured convertible debentures. They will also provide $100 million in a standby equity distribution agreement.
The preferreds will be convertible into a total of 6,578,947 shares and will come with warrants for 1,973,684 shares, exercisable at $4.37 each for five years.
The two-year debentures bear interest at 12% annually and are convertible into shares at $4.56 each. The debentures also come with five-year warrants for 1,052,631 shares, exercisable at $4.56 each.
Finally, under the terms of the two-year equity line, the investors will buy shares of Cenuco at 98% of the volume weighted average price of the company's stock for the five trading days after notice of a draw. There is a $1 million limit on each advance.
Also, Cenuco said it plans to finalize a bridge loan before Oct. 21.
Based in Boca Raton, Fla., Cenuco is a wireless technology company focused on handheld monitoring and surveillance products.
| Issuer: | Cenuco, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $25 million
|
| Shares: | 6,578,947
|
| Price: | $3.80
|
| Conversion ratio: | Into 6,578,947 shares
|
| Warrants: | For 1,973,684 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.37
|
| Investors: | Precen, LLC; Highgate House Funds; Cornell Capital Partners, LP
|
| Settlement date: | Oct. 10
|
| Stock price: | $2.81 at close Oct. 10
|
|
|
| Issuer: | Cenuco, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $40 million
|
| Maturity: | Two years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $4.56
|
| Warrants: | For 1,052,631 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.56
|
| Investors: | Precen, LLC; Highgate House Funds; Cornell Capital Partners, LP
|
| Settlement date: | Oct. 10
|
| Stock price: | $2.81 at close Oct. 10
|
|
|
| Issuer: | Cenuco, Inc.
|
| Issue: | Standby equity distribution agreement
|
| Amount: | $100 million
|
| Tenor: | Two years
|
| Price: | 98% of the volume-weighted average price of the company's stock for five trading days after notice of a draw
|
| Warrants: | No
|
| Investors: | Precen, LLC; Highgate House Funds; Cornell Capital Partners, LP
|
| Settlement date: | Oct. 10
|
| Stock price: | $2.81 at close Oct. 10
|
|
|
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