Offering's proceeds used as working capital and to support growth
By Devika Patel
Knoxville, Tenn., March 21 - Hyro Ltd. said it has arranged a $3 million five-year 8.75% convertible bond facility with Partners For Growth.
The bonds will be sold in A$1.00 increments and will convert to shares at the lower of either A$0.55 per share, or a 20% premium to the 10-day volume weighted average price of the stock prior to the issue date.
Proceeds will be used as working capital and to support growth.
Hyro is a digital business services company based in Sydney, Australia.
| Issuer: | Hyro Ltd.
|
| Issue: | Convertible bonds
|
| Amount: | $3 million
|
| Maturity: | Five years
|
| Coupon: | 8.75%
|
| Price: | Par of A$1.00
|
| Conversion price: | Lower of either A$0.55 per share or a 20% premium to the 10-day volume weighted average price
|
| Warrants: | No
|
| Investor: | Partners For Growth
|
| Pricing date: | March 21
|
| Stock symbol: | Australia: HYO
|
| Stock price: | A$0.43 at close March 20
|
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