By Laura Lutz
Des Moines, Oct. 1 - ThinkEngine Networks, Inc. arranged a $1 million financing agreement with Sand Hill Finance, LLC, according to an 8-K filing with the Securities and Exchange Commission.
Sand Hill also received a warrant for 21,276 shares. The warrant is exercisable at $1.88 for five years.
Under the one-year agreement, Sand Hill may advance the proceeds in multiple tranches at any time.
The amount of borrowings is limited to 80% of accounts receivable purchased by the lender.
The advances will bear interest at 19.8% per year, subject to adjustment depending on changes in the commercial prime rate.
ThinkEngine is a network and software provider based in Marlborough, Mass.
| Issuer: | ThinkEngine Networks, Inc.
|
| Issue: | Financing agreement
|
| Amount: | $1 million
|
| Term: | One year
|
| Coupon: | 19.8%
|
| Price: | Par
|
| Yield: | 19.8%
|
| Warrant: | For 21,276 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.88
|
| Investor: | Sand Hill Finance, LLC
|
| Pricing date: | Sept. 28
|
| Stock symbol: | Amex: THN
|
| Stock price: | $1.86 at close Oct. 1
|
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