By Laura Lutz
Des Moines, Nov. 14 - US Dataworks, Inc. raised $4 million from a private placement of three-year senior secured convertible notes and warrants.
The investors also received warrants for 4,651,162 shares. The warrants are exercisable at $0.43 for five years.
The three-year notes initially bear interest at Libor plus 500 basis points, reset at the beginning of each quarter. The rate is initially 9.81% per year. Interest is payable quarterly in arrears.
The notes are convertible into common stock at $0.43 per share.
Holders have a put option, exercisable on the nine-month and 18-month anniversaries of closing.
Shemano Group, Inc. was the placement agent.
US Dataworks is a Houston-based developer of payment processing solutions.
| Issuer: | US Dataworks, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $4 million
|
| Maturity: | Nov. 13, 2010
|
| Coupon: | Libor plus 500 bps, reset quarterly
|
| Price: | Par
|
| Conversion price: | $0.43
|
| Put: | On nine- and 18-month anniversaries of closing
|
| Warrants: | For 4,651,162 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.43
|
| Agent: | Shemano Group, Inc.
|
| Settlement date: | Nov. 13
|
| Stock symbol: | Amex: UDW
|
| Stock price: | $0.43 at close Nov. 13
|
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