By Laura Lutz
Des Moines, Oct. 30 - EDAP TMS SA arranged a $20 million private placement of unsecured convertible debentures with U.S. institutional investors.
The debentures will mature in five years and bear interest at 9% per year. They will be convertible in American Depositary Receipts of EDAP at a conversion price of $6.57.
The investors will also receive warrants for 1.68 million ADRs. The warrants will be exercisable at $6.87 for six years.
Proceeds will be used for an ongoing clinical study.
Based in Lyon, France, EDAP focuses on its Ablatherm product, a high-intensity focused ultrasound treatment for prostate cancer.
| Issuer: | EDAP TMS SA
|
| Issue: | Unsecured convertible debentures
|
| Amount: | $20 million
|
| Maturity: | Five years
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | $6.57
|
| Warrants: | For 1.68 million ADRs
|
| Warrant expiration: | Six years
|
| Warrant strike price: | $6.87
|
| Announcement date: | Oct. 30
|
| Stock symbol: | Nasdaq: EDAP
|
| Stock price: | $5.95 at close Oct. 29
|
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