By Laura Lutz
Des Moines, Sept. 4 - Navtech, Inc. subsidiary Navtech Systems Support Inc. closed a private placement of 13% tranche B senior subordinated notes and warrants for $2.1 million.
ABRY Mezzanine Partners, LP and ABRY Investment Partnership, LP bought the notes, which mature on Nov. 28, 2011. Navtech Systems may redeem the notes at any time after Nov. 22, 2008.
The investors received warrants for 355,134 shares of Navtech, Inc., exercisable at $0.01 for ten years. Those warrants include a warrant for 42,958 shares that was issued to ABRY Mezzanine Partners.
Based out of Monterrey, Calif., Navtech develops flight operation management systems for the commercial aviation sector.
| Issuer: | Navtech Systems Support Inc.
|
| Issue: | Tranche B senior subordinated notes
|
| Amount: | $2.1 million
|
| Maturity: | Nov. 28, 2011
|
| Coupon: | 13%
|
| Price: | Par
|
| Yield: | 13%
|
| Warrants: | For 355,134 shares of Navtech, Inc.
|
| Warrant expiration: | Ten years
|
| Warrant strike price: | $0.01
|
| Investors: | ABRY Mezzanine Partners, LP; ABRY Investment Partnership, LP
|
| Settlement date: | Aug. 28
|
| Stock symbol: | OTCBB: NAVH
|
| Stock price: | $1.89 at close Aug. 31
|
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