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World Heart holders tender all outstanding 3% convertibles, warrants for shares
By Jennifer Chiou
New York, July 20 - World Heart Corp. said investors tendered all its outstanding 3% unsecured convertible debentures and all its warrants, both due Sept. 15, 2009, as of the 8 p.m. ET expiration on July 19.
During the offer, the debentures were convertible at a price of $1.25 per share for a total of 10.7 million shares and the warrants for 10.7 million shares were exercisable at $1.00 per share.
Under their original terms, the warrants were exercisable at $1.55 per share while the debentures were convertible at $1.35 per share.
"The tendering of all of the warrants and debentures along with our shareholder approvals at our annual and special meeting yesterday [July 18] allows World Heart to proceed with completion of the strategic acquisition of the assets of MedQuest Products, Inc. and the related financing transaction with Maverick Venture Management," president and chief executive officer Jal S. Jassawalla said in a news release.
"With these transactions, we are broadening our product platform to include rotary and pulsatile next-generation systems to serve the needs of late and end-stage heart failure patients and will have the necessary funding in place to accelerate these important development programs."
At the close of the MedQuest acquisition and financing, World Heart will have eliminated more than $11 million convertible debentures and about $2 million of interest per year until 2009. The debentures and warrants were originally issued in September 2004.
The company also intends to raise $23 million in financing with Maverick Venture Management.
Based in Oakland, Calif., World Heart, a medical device company, will have 55.4 million shares outstanding. Salt Lake City-based MedQuest is also a medical device company and is developing the HeartQuest ventricular assist device.
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