By Sheri Kasprzak
New York, Nov. 22 - Thomas Equipment, Inc. said it has increased to $22 million the maximum principal of a secured convertible revolving note issued in January.
The note, which is held by Laurus Master Fund, Ltd., bears interest at Prime plus 300 basis points and matures on Nov. 9, 2007.
The note is convertible at any time before maturity at $1.50 each.
Laurus agreed to purchase the notes on Jan. 26.
Based in Milwaukee, Thomas Equipment manufactures skid-steer and mini skid-steer loaders used in the construction sector.
| Issuer: | Thomas Equipment, Inc.
|
| Issue: | Secured convertible revolving note
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| Amount: | $22 million (maximum)
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| Maturity: | Nov. 9, 2007
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| Coupon: | Prime plus 300 basis points
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| Conversion price: | $1.50
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| Warrants: | No
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | Nov. 16
|
| Stock price: | $3.50 at close Nov. 16
|
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