By Sheri Kasprzak
New York, Nov. 8 - Viskase Cos., Inc. announced definitive agreements for its previously disclosed a $24 million private placement of series A convertible preferred stock.
The 15% preferreds will be sold to Koala Holding LLC, an affiliate of Carl C. Icahn, and two other Icahn-associated shareholders.
The investors bought 12,307,692 shares of the preferred stock at $1.95 each.
The preferreds are convertible into common shares at $1.95 each.
Along with the placement, the company plans to conduct a rights offering for up to $24 million of shares at $1.95 each. The proceeds from the rights offering will be used to redeem the series A stock.
The preferreds will be redeemable after Sept. 30, 2011 at the liquidation preference plus unpaid dividends.
Based in Darien, Ill., Viskase makes plastic casings for the processed meats industry.
| Issuer: | Viskase Cos., Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $24 million
|
| Shares: | 12,307,692
|
| Price: | $1.95
|
| Dividends: | 15%
|
| Conversion price: | $1.95
|
| Warrants: | No
|
| Investors: | Koala Holding LLC, affiliates of Carl C. Icahn
|
| Settlement date: | Nov. 8
|
| Stock symbol: | Pink Sheets: VKSC
|
| Stock price: | $1.60 at close Nov. 7
|
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