By Sheri Kasprzak
New York, July 20 - Datrek Miller International, Inc. said it has completed the private placement of a $2 million convertible debenture.
The debenture, sold to Stanford International Bank Ltd., bears interest at 8% and is convertible into common shares at $2.00 each. The maturity of the debenture could not be determined by press time Wednesday.
Connected to the offering, the company will create a series of preferred stock. Upon the creation of the preferreds, the common shares issuable upon conversion will be exchanged for the preferreds.
Stanford also received warrants for 600,000 shares. The strike price and expiry of the warrants could not be determined Wednesday.
Based in Springfield, Tenn., Datrek Miller manufactures products for the golf industry.
| Issuer: | Datrek Miller International, Inc.
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| Issue: | Convertible debentures
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| Amount: | $2 million
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | $2.00
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| Warrants: | For 600,000 shares
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| Investor: | Stanford International Bank Ltd.
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| Settlement date: | July 20
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| Stock price: | $1.65 at close July 19
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