8% notes were sold with 40 million warrants, each exercisable at $1.91
By Devika Patel
Knoxville, Tenn., Aug. 21 – Marrone Bio Innovations, Inc. said it settled a $40 million private placement of 8% senior secured promissory notes.
Of the proceeds, $10 million will be due in three years, $10 million will be due in four years and $20 million will be due in five years.
Investors also received warrants for 40 million common shares, which are each exercisable at $1.91, a 1.04% discount to the Aug. 20 closing price of $1.93.
Based in Davis, Calif., Marrone makes bio-based pest management and plant health products.
| Issuer: | Marrone Bio Innovations, Inc.
|
| Issue: | Senior secured promissory notes
|
| Amount: | $40 million
|
| Maturity: | Three years (for $10 million), four years (for $10 million), five years (for $20 million)
|
| Coupon: | 8%
|
| Warrants: | For 40 million shares
|
| Warrant strike price: | $1.91
|
| Settlement date: | Aug. 21
|
| Stock symbol: | Nasdaq: MBII
|
| Stock price: | $1.93 at close Aug. 20
|
| Market capitalization: | $45.14 million
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
