By Sheri Kasprzak
Atlanta, June 20 - Repcol Ltd. said it has completed an A$5 million private placement.
The company sold five notes at A$1 million apiece to Cargil Financial Services International Inc.
The four-year notes bear interest at 12% annually and are convertible into common shares at A$0.50 before June 20, 2006; at A$0.55 between June 21, 2006 and June 20, 2007; at A$0.65 between June 21, 2007 and June 20, 2008; and at A$0.80 between June 21, 2008 and June 20, 2009.
There is a 20% penalty for early redemption of the notes.
Based in Subiaco, Western Australia, Repcol is a debt collection company. The proceeds will be used for working capital, debt ledger purchasing and expansion of the company's offshore operations in India.
| Issuer: | Repcol Ltd.
|
| Issue: | Convertible notes
|
| Amount: | A$5 million
|
| Maturity: | Four years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | A$0.50 before June 20, 2006; A$0.55 from June 21, 2006 through June 20, 2007; A$0.65 from June 21, 2007 through June 20, 2008; A$0.80 from June 21, 2008 through June 20, 2009
|
| Call: | 20% penalty for early redemption
|
| Warrants: | No
|
| Investor: | Cargil Financial Services International Inc.
|
| Settlement date: | June 20
|
| Stock price: | A$0.57 at close June 20
|
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