By Devika Patel
Knoxville, Tenn., Feb. 14 - Focus Enhancements, Inc. said it will raise $20.8 million from a private placement of senior secured notes.
The notes mature Jan. 1, 2011 and carry a 12% coupon, which will increase to 15% on Oct. 1 and is payable semiannually.
The company can redeem the notes at par plus interest.
Investors also will receive 26 million warrants, exercisable at $0.80 until Jan. 1, 2011.
Ingalls and Snyder Value Partners, LP is the agent.
Focus Enhancements, based in Campbell, Calif., specializes in video production and conversion technology.
| Issuer: | Focus Enhancements, Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $20.8 million
|
| Maturity: | Jan. 1, 2011
|
| Coupon: | 12%, 15% after Oct. 1
|
| Price: | Par
|
| Yield: | 12%, 15% after Oct. 1
|
| Warrants: | 26 million
|
| Warrant expiration: | Jan. 1, 2011
|
| Warrant strike price: | $0.80
|
| Agent: | Ingalls and Snyder Value Partners, LP
|
| Pricing date: | Feb. 14
|
| Stock symbol: | Nasdaq: FCSE
|
| Stock price: | $0.51 at close Feb. 13
|
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