Published on 1/23/2012 in the Prospect News PIPE Daily.
Lighting Science Group seals $39.26 million private placement of units
Continental Casualty, PCA LSG, Pegasus buy preferred stock in units
By Devika Patel
Knoxville, Tenn., Jan. 23 - Lighting Science Group Corp. raised another $5 million in a $39.26 million private placement of its preferred stock units on Jan. 17, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $34.26 million previously, with $32.11 million raised on Dec. 16. The deal priced Nov. 17.
Lighting Science sold 32,108 units of one series G preferred and 83 common shares at $1,000.00 per unit in the Dec. 16 tranche. It sold 5,000 units in the Jan. 17 tranche to Continental Casualty Co.
The first-tranche investors included PCA LSG Holdings, LLC, Pegasus Partners IV, LP, LSGC Holdings II LLC, Ensemble Lights, LLC, Belfer Investment Partners LP, Lime Partners, LLC, Mark Kristoff and Alan Docter.
Each preferred has a 10% dividend until Nov. 17, 2012, a 15% dividend from Nov. 17. 2012 until Feb. 21, 2014 and an 18% dividend after Feb. 21, 2014.
The Satellite Beach, Fla.-based company makes lighting devices and systems that use light-emitting diodes as the light source.
| Issuer: | Lighting Science Group Corp.
|
| Issue: | Units of one series G preferred share and 83 common shares
|
| Amount: | $39,258,000
|
| Units: | 39,258
|
| Price: | $1,000.00
|
| Dividends: | 10% dividend until Nov. 17, 2012, a 15% dividend from Nov. 17. 2012 until Feb. 21, 2014, an 18% dividend after Feb. 21, 2014
|
| Warrants: | No
|
| Investors: | PCA LSG Holdings, LLC, Pegasus Partners IV, LP, LSGC Holdings II LLC, Ensemble Lights, LLC, Belfer Investment Partners LP, Lime Partners, LLC, Mark Kristoff, Alan Docter, Continental Casualty Co. (for $5 million)
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 16 (for $32,108,000), Jan. 17 (for $5 million)
|
| Stock symbol: | OTCBB: LSCG
|
| Stock price: | $1.49 at close Dec. 16
|
| Market capitalization: | $308.36 million
|
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