By Devika Patel
Knoxville, Tenn., Feb. 5 - Ceramic Protection Corp. took in $6 million from a private placement of subordinated convertible debentures. The deal priced Jan. 2.
The three-year notes have a 10% coupon, and their conversion price will be the Canadian dollar equivalent of $6.57.
Ceramic may force conversion if, after the first year, its common shares trade at or above the Canadian dollar equivalent of $9.10 for 30 or more consecutive trading days.
Up to $3 million of the debentures will be bought by insiders.
Proceeds will be used for general corporate purposes and working capital.
Ceramic Protection is a Sunrise, Fla.-based manufacturer of materials for the ballistic-protection market.
| Issuer: | Ceramic Protection Corp.
|
| Issue: | Subordinated convertible debentures
|
| Amount: | $6 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $6.57
|
| Warrants: | No
|
| Pricing date: | Jan. 2
|
| Settlement date: | Feb. 5
|
| Stock symbol: | Toronto: CEP
|
| Stock price: | C$6.45 at close Jan. 2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
