Lyrtech plans C$7.5 million private placement of senior secured notes

By Devika Patel

Knoxville, Tenn., July 12 - Lyrtech Inc. said it plans a C$7.5 million private placement of senior secured notes. NCP Northland Capital Partners Inc., the agent, will sell the notes on a best-efforts basis.

Settlement is expected Aug. 4.

Proceeds will be used to replace part of the company's current factored accounts receivable debt and for general corporate purposes.

"This offering is in line with our strategy to improve our capital structure," president and chief executive officer Louis Belanger said in a press release. "The resulting important decrease in financial expenses going forward will go straight to our bottom line and will provide additional liquidities to leverage the portfolio of OEM products we have been developing over the last few years. The timing of this offering could not be better."

Based in Quebec City, Lyrtech develops and manufactures signal processing technology.

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