Pittsburgh, Sept. 14 - Interpool Inc. sold $150 million of a new series of 6% notes due 2014 with warrants exercisable for about 8.3 million shares of Interpool common stock at a price of $18 per share, according to a company news release.
The four investors included Goldman, Sachs & Co., Greywolf Capital Management, Caspian Capital Advisors LLC and Riva Ridge Capital Management.
Interpool also entered into agreements with the investors to file registration statements with the Securities and Exchange Commission for the notes and the warrants, according to the release.
The Princeton, N.J. supplier of transportation equipment and services used $49 million of the proceeds to buy back its 7.35% notes due 2007 and 7.20% notes due 2007 that were held by the four investors. The remaining proceeds will be used for general corporate purposes, including the purchase of equipment, retirement of debt, acquisitions and/or working capital.
Terms of the deal are:
| Issuer: | Interpool Inc.
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| Amount: | $150 million
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| Security description: | Notes
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| Maturity: | 2014
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| Coupon: | 6%
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| Warrants: | Exercisable for 8.3 million shares of Interpool stock
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| Distribution: | Private placement
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| Investors: | Goldman, Sachs & Co., Greywolf Capital Management, Caspian Capital Advisors LLC, Riva Ridge Capital Management
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| Settlement: | Sept. 14
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