Pulse Health plans financings to pay off 9% secured convertible notes

By Devika Patel

Knoxville, Tenn., July 1 - Pulse Health Ltd. said that it will conduct a private placement of shares to pay off its 9% secured convertible notes due June 30, 2009.

The company expects to complete a new share allotment at A$0.10 per share, with a three-for-four attaching option. The options will be exercisable at A$0.10 for three years.

Pulse Health also plans to issue new convertible notes, which will be issued to a combination of existing convertible noteholders rolling their current investment into the new convertible notes and new investors buying convertibles.

The company also announced it will divest non-core assets that could raise up to A$2 million, which would be used to retire bank debt and satisfy the balance of the convertible note obligation.

The convertibles issue and the placement of shares will be finalized shortly.

Based in Mascot, Australia, Pulse Health acquires and operates private hospitals and related health care focused organizations.

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