By Laura Lutz
Des Moines, Dec. 31 - Aftersoft Group, Inc. raised $5 million from the private placement of a convertible term note with ComVest Capital LLC, according to an 8-K filing with the Securities and Exchange Commission.
The convertible note matures on Nov. 30, 2010 and bears interest at 11% per year. It is convertible at $1.50 per share.
The company may prepay the convertible note at any time.
Aftersoft also issued a $1 million revolving non-convertible note in connection with a new credit facility with ComVest. That note bears interest at Prime rate plus 200 basis points, capped at 9.5% per year.
The facility will extend through Nov. 30. At any time, Aftersoft may borrow up to the lesser of $1 million and a borrowing base that will be determined by a report on Aftersoft's accounts and inventory.
Proceeds will be used for working capital and general corporate purposes.
Based in Chester, England, Aftersoft specializes in business management solutions for the auto parts aftermarket.
| Issuer: | Aftersoft Group, Inc.
|
| Issue: | Convertible term note
|
| Amount: | $5 million
|
| Maturity: | Nov. 30, 2010
|
| Coupon: | 11%
|
| Price: | Par
|
| Conversion price: | $1.50
|
| Warrants: | No
|
| Investor: | ComVest Capital LLC
|
| Settlement date: | Dec. 21
|
| Stock symbol: | OTCBB: ASFG
|
| Stock price: | $0.27 at close Dec. 21
|
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