By Sheri Kasprzak
New York, Dec. 20 - Integrated Healthcare Holdings, Inc. said it has concluded a $10.7 million private placement of a promissory note with warrants.
The 12% note was issued to Medical Provider Financial Corp. III.
The note is payable in full on Dec. 12, 2006.
Integrated may not prepay the note in whole or part.
The investor will receive warrants equal to the amount of principal not paid at maturity. The warrants are only exercisable in the event of default at $1.00 per share.
Integrated is currently in default on $5 million in principal of a loan due to WMC-SA, Inc.; WMC-A, Inc.; Chapman Medical Center, Inc.; Coastal Communities Hospital, Inc.; Pacific Coast Holdings Investment, LLC; West Coast Holdings, LLC; Orange County Physicians Investment Network, LLC; and Ganesha Realty, LLC. The principal of the loan is currently due in full and the company was required to raise the $10.7 million in new capital under the terms of the default.
Based in Costa Mesa, Calif., Integrated operates hospitals and related healthcare facilities.
| Issuer: | Integrated Healthcare Holdings, Inc.
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| Issue: | Promissory note
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| Amount: | $10.7 million
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| Maturity: | Dec. 12, 2006
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| Coupon: | 12%
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| Price: | Par
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| Yield: | 12%
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| Warrants: | Equal to the amount of principal not paid at maturity only upon default
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| Warrant strike price: | $1.00
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| Investor: | Medical Provider Financial Corp. III
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| Settlement date: | Dec. 14
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| Stock price: | $0.41 at close Dec. 14
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