By Sheri Kasprzak
New York, Jan. 18 - Hythiam Inc. sealed a $10 million private placement of senior secured notes with warrants as part of its acquisition of the membership interests in Woodcliff Healthcare Investment Partners, LLC.
Highbridge International, LLC is the investor in the offering of the notes, which are due Jan. 15, 2010 and bear interest at Prime rate plus 250 basis points.
The investor also received warrants for 249,750 shares, exercisable at $12.01 each for five years.
The membership interests in Woodcliff were purchased for $9 million in cash and 215,053 common shares with a value of $2 million.
Also, Hythiam announced its plans Thursday to merge with Comprehensive Care Corp.
Los Angeles-based Hythiam develops and commercializes treatments for drug and alcohol dependency for rehabilitation centers.
| Issuer: | Hythiam, Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $10 million
|
| Maturity: | Jan. 15, 2010
|
| Coupon: | Prime rate plus 250 bps
|
| Warrants: | For 249,750 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $12.01
|
| Investor: | Highbridge International, LLC
|
| Settlement date: | Jan. 18
|
| Stock symbol: | Nasdaq: HYTM
|
| Stock price: | $10.06 at close Jan. 18
|
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