By Devika Patel
Knoxville, Tenn., Nov. 7 - Environmental Solutions Worldwide Inc. sold $6 million of 9% convertible debentures in a private placement on Nov. 3, according to an 8-K filed Friday with the Securities and Exchange Commission.
The three-year debentures have a conversion price of $0.25.
The company may redeem the debentures at 110%.
Proceeds will be used to repay a portion of a promissory note that was issued to Ledelle Holdings Ltd.
Based in Telford, Pa., Environmental Solutions develops pollution-control products for the automotive and industrial markets.
| Issuer: | Environmental Solutions Worldwide Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $6 million
|
| Maturity: | Three years
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | $0.25
|
| Call: | At 110
|
| Warrants: | No
|
| Settlement date: | Nov. 3
|
| Stock symbol: | OTCBB: ESWW
|
| Stock price: | $0.19 at close Nov. 3
|
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