By Rebecca Melvin
New York, Sept. 23 – Teligent Inc. closed an issuance of $27.9 million of zero coupon convertible senior notes due May 2023 to settle exchanges for two series, according to a news release.
About $27.5 million of the new notes was issued in exchange for about $57.9 million principal amount plus accrued interest of the outstanding 4.75% convertible senior notes due May 2023. The exchange represents a 52.5% discount on the notes exchanged.
About $400,000 was issued in exchange for about $500,000 in principal and interest of the company’s 7% cash/8% PIK series B senior convertible notes due 2023, which represents a 31% discount on the principal amount of the exchanged notes.
The new notes are convertible at an initial conversion price of $1.50 per share. There is takeover protection at 100% of par plus interest.
Jefferies LLC was the company’s financial advisor and K&L Gates LLP served as legal counsel.
Teligent is a specialty generic pharmaceutical company based in Buena, N.J.
| Issuer: | Teligent, Inc.
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| Issue: | Senior convertible notes
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| Amount: | $27.9 million
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| Maturity: | May 2023
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| Coupon: | 0%
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| Conversion price: | $1.50
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| Takeover protection: | Yes, at 100
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