By Devika Patel
Knoxville, Tenn., July 2 - Nexxus Lighting, Inc. completed a $3.5 million private placement of promissory notes on June 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes mature on Dec. 26, 2009.
They bear interest at 7% per year, payable 180 days after the closing date and every 180 days thereafter until the notes are paid in full.
Investors also received warrants for 218,750 common shares, exercisable at $7.33 for three years.
Proceeds will be used for working capital and other general corporate purposes and to repay all of the company's obligations under its line of credit with RBC Bank (USA).
Charlotte, N.C.-based Nexxus Lighting designs, manufactures, markets and sells new light-emitting diode lighting products and systems.
| Issuer: | Nexxus Lighting, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $3.5 million
|
| Maturity: | Dec. 26, 2009
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Warrants: | For 218,750 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $7.33
|
| Settlement date: | June 26
|
| Stock symbol: | Nasdaq: NEXS
|
| Stock price: | $7.31 at close June 26
|
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