By Sheri Kasprzak
New York, March 8 - Empire Financial Holding Co. priced a $10 million private placement of units comprised of $9 million in convertible debentures and $1 million in common stock.
The five-year debentures bear interest at 6.5% annually and are convertible into common shares at $2.39 each.
The units also include a total of 418,410 common shares at $2.39 each.
The investors will also receive one warrant for every share of common stock sold in the deal. Each warrant is exercisable at $2.62 for five years.
William Blair & Co. is the placement agent.
Proceeds will be used for continuing business expansion.
Based in Longwood, Fla., Empire is a holding company for Empire Financial Group, Inc. and Jesup & Lamont, retail brokerage services.
| Issuer: | Empire Financial Holding Co.
|
| Issue: | Units of convertible debentures and stock
|
| Amount: | $10 million
|
| Placement agent: | William Blair & Co.
|
| Announcement date: | March 8
|
| Stock symbol: | Amex: EFH
|
| Stock price: | $2.50 at close March 7
|
|
|
| Stock
|
| Shares: | 418,410
|
| Price: | $2.39
|
| Warrants: | For 418,410 common shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.62
|
|
|
| Debentures
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| Amount: | $9 million
|
| Maturity: | Five years
|
| Coupon: | 6.5%
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| Price: | Par
|
| Yield: | 6.5%
|
| Conversion price: | $2.39
|
| Warrants: | See above
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