By Sheri Kasprzak
New York, Dec. 6 - National Investment Managers Inc. said it has completed a private placement of a secured term note for $9.2 million.
The company issued the note, along with 1,108,434 common shares, to Laurus Master Fund, Ltd.
The notes mature on Nov. 30, 2009 and is payable in two tranches.
The first tranche bears interest at 10% annually and the second tranche at 7.5% annually.
Beginning June 2006, the company must pay monthly amortizing payments at $219,047.62 each.
Proceeds will be used for costs associated with the company's acquisition of American Benefit Resources, Inc. National Investment Managers paid $8 million in cash to IBF Fund Liquidating, LLC, ABR's parent company.
New York-based National Investment is a holding company that acquires pension plan administration and investment management businesses.
| Issuer: | National Investment Managers Inc.
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| Issue: | Secured term note
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| Amount: | $9.2 million
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| Maturity: | Nov. 30, 2009
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| Coupon: | 10% for the first tranche; 7.5% for the second tranche
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| Common shares: | 1,108,434
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | Nov. 30
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| Stock price: | $2.00 at close Nov. 30
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