Series C cumulative convertible preferreds sold to Ernil, Halbarad
By Devika Patel
Knoxville, Tenn., July 1 – Pernix Group, Inc. settled an $18 million private placement of series C cumulative convertible preferred stock on June 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold the preferreds at $10.00 apiece.
Ernil Continental SA invested $9.9 million, and Halbarad Group, Ltd. invested $8.1 million.
The dividend rate is $0.80 per preferred per year.
The preferreds are callable at any time.
Each preferred is convertible into one share of common stock at the company’s option at any time.
Lombard, Ill.-based Pernix is engaged in two primary operating business segments: construction services as a design-build general contractor in the federal and government market as well as building, managing and investing in power generation projects as an independent power producer.
| Issuer: | Pernix Group, Inc.
|
| Issue: | Series C cumulative convertible preferred stock
|
| Amount: | $18 million
|
| Preferreds: | 1.8 million
|
| Price: | $10.00
|
| Dividends: | $0.80 per year
|
| Conversion option: | Into one share of common stock per share of preferred stock at company’s option
|
| Call option: | At $10.00 at any time
|
| Warrants: | No
|
| Investors: | Ernil Continental SA (for $9.9 million), Halbarad Group, Ltd. (for $8.1 million)
|
| Pricing date: | June 26
|
| Stock symbol: | Nasdaq: PRXG
|
| Stock price: | $1.88 at close June 25
|
| Market capitalization: | $17.68 million
|
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