Company sells 10% unsecured notes to fund working capital, investments
By Devika Patel
Knoxville, Tenn., Feb. 22 - Environmental Solutions Worldwide Inc. said it settled a private placement of unsecured subordinated exchangeable notes. The deal raised $3 million.
The 10% notes are due June 17, 2011 and will be exchangeable for common stock at an expected exchange price of $0.12, which is a 40% discount to the Feb. 21 closing price of $0.20.
Proceeds will be used for working capital, planned capital investments and other general corporate purposes.
Based in Telford, Pa., Environmental Solutions develops pollution-control products for the automotive and industrial markets.
| Issuer: | Environmental Solutions Worldwide Inc.
|
| Issue: | Unsecured subordinated exchangeable notes
|
| Amount: | $3 million
|
| Maturity: | June 17, 2011
|
| Coupon: | 10%
|
| Exchange price: | $0.12 (expected)
|
| Warrants: | No
|
| Settlement date: | Feb. 22
|
| Stock symbol: | OTCBB: ESWW
|
| Stock price: | $0.20 at close Feb. 21
|
| Market capitalization: | $24.72 million
|
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