By Sheri Kasprzak
New York, Feb. 10 - Incentra Solutions, Inc. said it has concluded a private placement of a secured non-convertible revolving note with options.
The note, sold to Laurus Master Fund, Ltd., matures on Feb. 6, 2009 and bears interest at Prime rate plus 100 basis points with a 7% floor.
Roughly $6 million of the proceeds will be used to repay an existing revolving convertible credit facility.
Laurus received options for up to 1,071,428 shares exercisable through Feb. 6, 2026. The options are not exercisable until Jan. 31, 2007. The exact terms of the options could not be determined Friday.
Based in Boulder, Colo., Incentra is a data management company focused on the broadcasting and information technology sector.
| Issuer: | Incentra Solutions, Inc.
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| Issue: | Secured non-convertible revolving note
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| Amount: | $10 million
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| Maturity: | Feb. 6, 2009
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| Coupon: | Prime rate plus 100 basis points, 7% floor
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| Options: | For up to 1,071,428 shares
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| Option expiration: | Feb. 6, 2026
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | Feb. 6
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| Stock symbol: | OTCBB: ICNS
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| Stock price: | $1.10 at close Feb. 6
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