By Sheri Kasprzak
Atlanta, Feb. 24 - Integrated Electrical Services Inc. said it has secured $14 million in notes from the holders of $36 million in senior convertible notes.
The notes bear interest at 6.5% annually, mature Nov. 1, 2014 and are convertible into common shares at $3.25 each.
The original offering closed Nov. 22.
Houston-based Integrated Electrical is an electrical contracting and maintenance company. The company plans to use the proceeds from the additional notes to reduce its bank debt.
| Issuer: | Integrated Electrical Services Inc.
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| Issue: | Senior convertible notes
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| Amount: | $14 million
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| Maturity: | Nov. 1, 2014
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| Coupon: | 6.5%
|
| Price: | Par
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| Yield: | 6.5%
|
| Conversion price: | $3.25
|
| Warrants: | No
|
| Settlement date: | Feb. 24
|
| Stock price: | $3.35 at close Feb. 24
|
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