By Devika Patel
Knoxville, Tenn., June 3 - Newfound NV said it plans a £15 million private placement of 8% secured notes due 2011.
The company will sell the notes in denominations of £50,000, along with warrants for ordinary shares.
Proceeds will be used to provide new working capital and to fund the company's operational restructuring.
Based in London, Newfound, formerly Nettec plc, is a creator and operator of international luxury resorts and destinations.
| Issuer: | Newfound NV
|
| Issue: | Secured notes
|
| Amount: | £15 million
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | Yes
|
| Pricing date: | June 3
|
| Stock symbol: | London: NFND
|
| Stock price: | 9.12p at close June 2
|
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