By Sheri Kasprzak
New York, Feb. 20 - Thomas Equipment, Inc. pocketed another $1.5 million from a previously announced private placement of non-convertible junior secured term notes with Laurus Master Fund, Ltd.
The notes bear interest at Prime rate plus 200 basis points with a 9% floor. They mature on Jan. 17, 2009.
The notes may be prepaid at 105% of principal plus interest.
The investor also received warrants for 70,919,115 shares, exercisable at $0.01 each for 10 years.
The company sold C$4 million in notes to Laurus on Nov. 8, 2006. Those notes bear interest at Prime rate plus 700 bps and mature May 9, 2007.
Based in Milwaukee, Thomas manufactures skid steer and mini-skid steer loaders.
| Issuer: | Thomas Equipment, Inc.
|
| Issue: | Non-convertible junior secured term notes
|
| Amount: | $1.5 million
|
| Maturity: | Jan. 17, 2009
|
| Coupon: | Prime rate plus 200 bps, 9% floor
|
| Call: | May be prepaid at 105% of principal plus interest
|
| Warrants: | For 70,919,115 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.01
|
| Investor: | Laurus Master Fund, Ltd.
|
| Settlement date: | Feb. 16
|
| Stock symbol: | Pink Sheets: THME
|
| Stock price: | $0.25 at close Feb. 16
|
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