Company offers 6% preferreds that convert to common stock at $4.39
By Devika Patel
Knoxville, Tenn., June 13 - RTI Biologics, Inc. arranged a $50 million private placement of 6% convertible preferred stock with WSHP Biologics Holdings, LLC on June 12, according to an 8-K filed Thursday with the Securities and Exchange Commission.
Each preferred will be convertible into common shares at $4.39 per share, which is a 0.23% discount to the June 11 closing price of $4.40.
Based in Alachua, Fla., RTI Biologics prepares human donated tissue and bovine tissue for transplantation. The allograft (human) and xenograft (animal) implants are used in orthopedic, dental, hernia and other specialty surgeries.
| Issuer: | RTI Biologics, Inc.
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| Issue: | Convertible preferred stock
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| Amount: | $50 million
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| Dividends: | 6%
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| Conversion price: | $4.39
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| Warrants: | No
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| Investor: | WSHP Biologics Holdings, LLC
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| Pricing date: | June 12
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| Stock symbol: | Nasdaq: RTIX
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| Stock price: | $4.40 at close June 11
|
| Market capitalization: | $242.51 million
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