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Hemagen completes exchange offer for $4.05 million in 8% convertibles
By Devika Patel
Knoxville, Tenn., Oct. 1 - Hemagen Diagnostics Inc. said it exchanged all $4.05 million of its 8% senior subordinated secured convertible notes due 2009 for an equal principal amount of 8% senior subordinated secured convertible notes due 2014.
As previously reported, the new notes will be convertible into common stock at $0.35 per share after Sept. 30, will mature on Sept. 30, 2014 and will pay an 8% annual interest on a quarterly basis.
Hemagen may prepay the notes anytime after Sept. 30, 2010.
The modified notes will have a similar security interest as the previous notes and, therefore, will be subordinated to a $3 million credit facility and any real estate financing the company may incur when buying its corporate facility.
Hemagen, a Columbia, Md.-based biotechnology company, was the exchange agent for the offer.
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