By Sheri Kasprzak
New York, June 5 - National Investment Managers Inc. settled a $7 million private placement of secured notes.
The notes, purchased by Laurus Master Fund, Ltd., bear interest at 17.5% annually and are due in two tranches. The first tranche bears interest at 10% annually and the second tranche at 7.5% annually.
The notes are due May 30, 2010.
Laurus received warrants for 700,000 shares, exercisable at $0.01 each through May 30, 2011.
New York-based National Investment Managers acquires and manages entities that offer retirement plans and other financial services.
Issuer: | National Investment Managers Inc.
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Issue: | Secured notes
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Amount: | $7 million
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Maturity: | May 30, 2010
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Coupon: | 17.5%
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Price: | Par
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Yield: | 17.5%
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Warrants: | For 700,000 shares
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Warrant expiration: | May 30, 2011
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Warrant strike price: | $0.01
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Investor: | Laurus Master Fund, Ltd.
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Settlement date: | May 30
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Stock symbol: | OTCBB: NIVM
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Stock price: | $0.70 at close May 30
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