Hemagen extends exchange offer on $6.09 million convertible notes

By Sheri Kasprzak

Atlanta, Dec. 3 - Hemagen Diagnostics Inc. said Friday it plans to, yet again, extend the exchange offer on its $6,090,000 senior subordinated secured convertible notes and modified notes.

The offer will now expire Dec. 17, extended from the previously scheduled Dec. 3 expiration.

The interest rate on the modified notes has also been increased from 6% to 8% per year.

The exchange offer was originally set to expire Oct. 15 but has been extended seven times.

So far, 5,725,000, or 94%, of the principal amount of the notes has been deposited for exchange.

Under the terms of the exchange, Hemagen will exchange $2.04 million of the notes for stock at $0.40 per share and $4.05 million for modified notes.

The modified notes mature Sept. 30, 2009. Those notes are convertible into stock at $0.75.

Hemagen, based in Columbia, Md., is a biotechnology company specializing in diagnostic test kits. The company's stock closed unchanged Friday to end at $0.39.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.