Debt is evidenced by floaters due July 31, 2012 based on Prime rate
By Devika Patel
Knoxville, Tenn., Aug. 30 - Fenwick Automotive Products Ltd. completed a $1.89 million debt financing on Aug. 24, according to an 8-K filed Monday with the Securities and Exchange Commission.
The loan is evidenced by a debenture bearing interest at Prime plus 875 basis points and due July 31, 2012. The debentures are convertible at any time at a conversion price of $0.50 per share, subject to adjustment.
In connection with the loan, the investor also received an option to buy C$10 million of FAPL Holdings, Inc.'s treasury shares. FAPL is Fenwick's parent company.
Based in Toronto, Fenwick sells new and used automotive parts.
| Issuer: | Fenwick Automotive Products Ltd.
|
| Issue: | Loan debenture
|
| Amount: | $1,894,034
|
| Maturity: | July 31, 2012
|
| Coupon: | Prime plus 875 bps
|
| Price: | Par
|
| Yield: | Prime plus 875 bps
|
| Conversion price: | $0.50
|
| Warrants: | No
|
| Settlement date: | Aug. 24
|
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