By Devika Patel
Knoxville, Tenn., June 1 - Jamba, Inc. said it plans a $35 million private placement of convertible preferred stock.
Mistral Equity Partners will invest $19.55 million and the remaining $15.45 million investment will be made by a company controlled by the Serruya family.
The 8% preferreds mature in June 2016. They are convertible into common shares at $1.15 per share.
Proceeds will be used to repay a senior term note and to provide additional working capital.
Based in Emeryville, Calif., Jamba serves as a holding company for its subsidiary, Jamba Juice Co.
| Issuer: | Jamba, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $35 million
|
| Maturity: | June 2016
|
| Dividend: | 8%
|
| Conversion price: | $1.15
|
| Warrants: | No
|
| Investor: | Mistral Equity Partners (for $19.55 million)
|
| Settlement date: | June 1
|
| Stock symbol: | Nasdaq: JMBA
|
| Stock price: | $1.00 at close May 30
|
| Market capitalization: | $59.6 million
|
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