By Devika Patel
Knoxville, Tenn., Feb. 26 - Environmental Tectonics Corp. settled a $2 million loan with H.F. Lenfest on Feb. 20, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The loan is evidenced by a 15% senior secured promissory note.
The note has a term of three years.
The investor also received a seven-year warrant for 143,885 shares, exercisable at $1.39.
Southampton, Pa.-based company Environmental Tectonics specializes in designing, developing, installing and maintaining aircrew training systems, public entertainment systems, process simulation systems and related products for domestic and international customers.
| Issuer: | Environmental Tectonics Corp.
|
| Issue: | Loan evidenced by senior secured promissory note
|
| Amount: | $2 million
|
| Maturity: | Three years
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Warrants: | For 143,885 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $1.39
|
| Investor: | H.F. Lenfest
|
| Settlement date: | Feb. 20
|
| Stock symbol: | Amex: ETC
|
| Stock price: | $0.93 at close Feb. 20
|
| Market capitalization: | $10.4 million
|
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