By Sheri Kasprzak
Atlanta, March 31 - VaxGen Inc. said it has raised $31.5 million in a private placement of senior subordinated convertible notes.
The company sold the notes, which bear interest at 5.5% annually, to a group of accredited investors.
The notes mature April 1, 2010 and are convertible into common shares at $14.76 each.
The notes convert automatically if VaxGen's stock trades above $22.14 per share.
The deal is expected to close April 5.
Based in Brisbane, Calif., VaxGen is a biopharmaceutical company focused on the development, manufacture and commercialization of biologic products.
| Issuer: | VaxGen Inc.
|
| Issue: | Senior subordinated convertible notes
|
| Amount: | $31.5 million
|
| Maturity: | April 1, 2010
|
| Coupon: | 5.5%
|
| Price: | Par
|
| Yield: | 5.5%
|
| Conversion price: | $14.76
|
| Call: | Notes convert automatically if stock trades above $22.14
|
| Warrants: | No
|
| Announcement date: | March 31
|
| Settlement date: | April 5
|
| Stock price: | $12.48 at close March 31
|
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