By Sheri Kasprzak
New York, June 28 - Isco International, Inc. wrapped a $5 million private placement of convertible notes with Alexander Finance, LP and Manchester Securities Corp. LP.
Each of the investors purchased $2.5 million in principal of the notes.
The 5% notes are due June 22, 2010 and are convertible into common shares at $0.33 each.
Connected to the deal, the lenders waived their right under Isco's existing line of credit to receive the financing proceeds from the notes so the proceeds can be used for product development and working capital.
Based in Elk Grove Village, Ill., Isco supplies radio-frequency management and interference-control systems to the wireless telecommunications sector.
| Issuer: | Isco International, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $5 million
|
| Maturity: | June 22, 2010
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| Coupon: | 5%
|
| Price: | Par
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| Yield: | 5%
|
| Conversion price: | $0.33
|
| Warrants: | No
|
| Investors: | Alexander Finance, LP and Manchester Securities Corp. LP
|
| Settlement date: | June 22
|
| Stock symbol: | Amex: ISO
|
| Stock price: | $0.33 at close June 22
|
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