By Devika Patel
Knoxville, Tenn., Dec. 11 - Procera Networks, Inc. arranged a $2 million two-year credit facility with Silicon Valley Bank on Dec. 10, according to an 8-K filed Friday with the Securities and Exchange Commission.
The loans under the facility will bear interest at the Prime rate plus 100 basis points, but not less than 5% per annum.
The bank also received a warrant for 500,000 shares, which is exercisable at $0.40 for seven years.
Based in Los Gatos, Calif., Procera provides solutions for network traffic identification and management.
| Issuer: | Procera Networks, Inc.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $2 million
|
| Maturity: | Two years
|
| Coupon: | Prime rate plus 100 bps
|
| Price: | Par
|
| Yield: | Prime rate plus 100 bps
|
| Warrants: | For 500,000 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.40
|
| Investor: | Silicon Valley Bank
|
| Settlement date: | Dec. 10
|
| Stock symbol: | Amex: PKT
|
| Stock price: | $0.40 at close Dec. 10
|
| Market capitalization: | $37.6 million
|
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