By Sheri Kasprzak
Atlanta, Feb. 16 - Input/Output Inc. said it has completed a $30 million private placement of preferreds.
The company sold the preferreds to Fletcher International, an affiliate of Fletcher Asset Management Inc.
The preferreds are convertible into 3,812,429 common shares at $7.869 each, or a 22% premium to the average of the company's stock on Feb. 11.
The preferreds pay an annual dividend of 5%.
The investor has the right to buy up to $40 million additional shares of preferred stock for two and a half years beginning in August. The conversion price of the additional preferreds will be 122% of the then-prevailing price, subject to a floor.
Based in Houston, Input/Output provides seismic services.
| Issuer: | Input/Output Inc.
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| Issue: | Convertible preferred stock
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| Amount: | $30 million
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| Dividend: | 5%
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| Conversion price: | $7.869
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| Conversion ratio: | Into 3,812,429 common shares
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| AIRs: | For up to $40 million in additional preferreds
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| Warrants: | No
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| Investor: | Fletcher International
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| Settlement date: | Feb. 16
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| Stock price: | $6.96 at close Feb. 16
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