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Assured Pharmacy further extends exchange offer for 16% convertibles
By Angela McDaniels
Tacoma, Wash., Dec. 13 - Assured Pharmacy, Inc. extended the exchange offer for its 16% senior convertible debentures and warrants to purchase common stock to 11:59 p.m. ET on Dec. 31 from 11:59 p.m. ET on Dec. 13, according to a company news release.
So far, holders have tendered $965,784 of the notes. The amount is up from Dec. 6, when holders had tendered $915,384 of the notes.
On Dec. 6, the company extended the offer to Dec. 13 from Dec. 6. On Nov. 25, it extended the offer to Dec. 6 from Nov. 29.
In the offer, the holders have two options:
• The issuance of restricted common stock for the settlement of the balance of the debentures, consisting of principal plus the currently outstanding unpaid interest as of Sept. 30, at $0.60 per share, with the issuance of new warrants at an exercise price of $0.60 per share for the first year and at $0.75 thereafter for the remainder of the new warrant's term, with the term to be extended by an additional three years; or
• The issuance of amended and restated debentures, which include the principal balance plus accrued interest as of Sept. 30, with a reduction in the interest rate to 10% from 16%, the extension of the maturity date by an additional three years, a reduction of the conversion price to $0.75 per share and execution of a subordination agreement under which the company will make no further payments to the debt holders until the redemption of series D preferred stock has been made in full and the issuance of new warrants, the expiration date of which shall be three years past the expiration date set forth in the original warrants and a reduction of the conversion price to $0.75 per share.
Issuer Direct, LLC is the tender offer agent.
Assured Pharmacy is a chain of specialty pharmacies based in Plano, Texas.
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