FBO Air closes $4.5 million private placement of notes, preferreds

By Sheri Kasprzak

Atlanta, April 5 - FBO Air Inc. said it has completed a private placement of preferred stock and notes for $4.5 million.

The company sold $3.5 million in series A convertible preferred stock and $1 million in 10% senior secured notes.

An additional $1.25 million may also be raised in a second closing, according to a company statement.

The investors will also receive warrants for 2.75 million shares.

Ron Ricciardi, FBO's president, did not return requests for additional details on the offering by press time Tuesday.

Based in Scottsdale, Ariz., FBO acquires and operates fixed-base operations, the primary providers of services to private and general aviation aircraft operators. The proceeds from the deal will be used for two acquisitions and for working capital.

On Tuesday, FBO's stock closed down $0.01 at $1.89.

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