By Devika Patel
Knoxville, Tenn., June 19 - RiT Technologies Ltd. said it will raise $10 million through a 2.47% three-year convertible unsecured loan with Stins Coman Inc.
The loan may be called by the company any time after Oct. 1, but the maximum amount for each call is $5 million and there must be at least 30 days between each call.
All or part of the loan may be converted into ordinary shares at a conversion price per share equal to the market price of the shares on the settlement date plus a premium of 10%.
Based in Tel Aviv, Israel, RiT Technologies is a producer and supplier of infrastructure management and asset management solutions for improved control, utilization and maintenance of networks and datacenters.
| Issuer: | RiT Technologies Ltd.
|
| Issue: | Convertible unsecured loan
|
| Amount: | $10 million
|
| Maturity: | Three years
|
| Coupon: | 2.47%
|
| Price: | Par
|
| Yield: | 2.47%
|
| Conversion premium: | 10%
|
| Call: | Beginning Oct. 1, up to $5 million per call
|
| Warrants: | No
|
| Investor: | Stins Coman Inc.
|
| Pricing date: | June 19
|
| Stock symbol: | Nasdaq: RITT
|
| Stock price: | $0.40 at close June 18
|
| Market capitalization: | $8.33 million
|
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