By Sheri Kasprzak
New York, Oct. 6 - pSivida Ltd. said it has received an agreement for a $15 million private placement of subordinated convertible debentures.
The 8% debentures will be sold to a New York-based institutional investor.
The debentures mature in three years and are initially convertible into American Depositary Receipts at $7.10 each.
The investor will also receive warrants for 633,000 additional ADRs, exercisable at $7.20 each for six years.
The deal is expected to close in mid-November.
Proceeds will be used for extended development of pSivida's platform technology.
Based in Perth, Australia, pSivida is a nanotechnology company focused on the biomedical sector.
| Issuer: | pSivida Ltd.
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| Issue: | Subordinated convertible debentures
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| Amount: | $15 million
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| Maturity: | Three years
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | $7.10
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| Warrants: | For 633,000 American Depositary Receipts
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| Warrant expiration: | Six years
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| Warrant strike price: | $7.20
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| Announcement date: | Oct. 6
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| Stock price: | $6.0925 at close Oct. 5 (for ADS)
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