By Devika Patel
Knoxville, Tenn., Nov. 25 - U.S. Helicopter Corp. arranged a $1 million private placement of 15% notes with 154 West Aviation Enterprises Inc. on Nov. 19, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It settled a $500,000 tranche at pricing.
The notes are due Jan. 31, 2009. If the company completes a $5 million financing prior to maturity, the notes will mature upon completion of the financing.
The company also will issue warrants for 2 million shares, which are exercisable at $0.20 for five years. In the first tranche, the investor received warrants for 1 million shares.
New York-based U.S. Helicopter provides helicopter shuttle service between the Downtown Manhattan Heliport and Kennedy Airport.
| Issuer: | U.S. Helicopter Corp.
|
| Issue: | Notes
|
| Amount: | $1 million
|
| Maturity: | Jan. 31, 2009
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.20
|
| Investor: | 154 West Aviation Enterprises Inc.
|
| Pricing date: | Nov. 19
|
| Settlement date: | Nov. 19 (for $500,000)
|
| Stock symbol: | OTCBB: USHP
|
| Stock price: | $0.15 at close Nov. 19
|
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