By Sheri Kasprzak
Atlanta, Dec. 22 - Hemagen Diagnostics Inc. said Wednesday it has completed the exchange offer on its 8% senior subordinated secured convertible notes.
About 5,079,438 shares were received through the offer and $4,033,225 in a new series of 8% senior secured convertible notes due Sept. 30, 2009 was issued.
The exchanged notes were due in April 2005.
The shares received from the exchange may not be traded until Sept. 30, 2005.
The new notes are convertible into common shares after Sept. 30, 2005 at $0.75 each. Hemagen may force conversion after Sept. 30, 2005 if its stock trades above $1.25 for 20 consecutive days.
The exchange offer was originally set to expire Oct. 15 but was extended eight times.
Hemagen, based in Columbia, Md., is a biotechnology company specializing in diagnostic test kits.
| Issuer: | Hemagen Diagnostics Inc.
|
| Issue: | Senior subordinated secured convertible notes
|
| Amount: | $4,033,225
|
| Maturity: | Sept. 30, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.75
|
| Call: | Conversion may be forced after Sept. 30, 2005, if stocks trade above $1.25 for 20 days
|
| Warrants: | No
|
| Announcement date: | Dec. 22
|
| Stock price: | $0.29 at close Dec. 22
|
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