Hutchinson to exchange $15 million 8½% notes for stock and warrants

New York, Oct. 20 – Hutchinson Technology Inc. said it has agreed to exchange $15 million of its 8½% senior secured second-lien notes due 2017 for 2.5 million shares of common stock and warrants for an additional 2.5 million shares.

The warrants are exercisable on a cashless basis at a price of $0.01 per share.

Hutchinson made the agreement with a single holder of the notes.

Hutchinson also announced a $37.5 million registered direct offering of 8½% convertible senior notes due 2019.

The company is a Hutchinson, Minn.-based maker of critical precision component technologies, including suspension assemblies for disk drives.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.