Company issues five-year 10% loan notes to Harbinger Capital Partners
By Devika Patel
Knoxville, Tenn., Feb. 4 - African Medical Investments plc said it sold convertible loan notes to Harbinger Capital Partners in a private placement. The deal raised $5 million.
The 10% notes mature in five years and are convertible into shares at 4.5p, a 5.88% premium to the 4.25p closing price of the stock on Feb. 3.
Proceeds will be used for working capital.
Based in London, African Medical provides health care in Africa.
| Issuer: | African Medical Investments plc
|
| Issue: | Convertible loan notes
|
| Amount: | $5 million
|
| Maturity: | Five years
|
| Coupon: | 10%
|
| Conversion price: | 4.5p
|
| Conversion premium: | 5.88%
|
| Warrants: | No
|
| Investor: | Harbinger Capital Partners
|
| Settlement date: | Feb. 4
|
| Stock symbol: | London: AMEI
|
| Stock price: | 0.0408p at close Feb. 4
|
| Market capitalization: | £10.67 million
|
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