Company sells 12% debentures due June 13, 2015 to fund acquisition
By Devika Patel
Knoxville, Tenn., Dec. 13 - InterCloud Systems, Inc. said it has arranged an $11.63 million private placement of 12% convertible debentures. Aegis Capital Corp. is the agent.
The notes mature on June 13, 2015 and will initially convert to common shares at $6.36 per share, which is a 30.34% discount to the Dec. 12 closing share price of $9.13.
The company also said it plans to acquire Integration Partners-NY Corp. The placement will fund the acquisition.
Based in Red Bank, N.J., the company is an end-to-end solution provider of cloud and managed service-based platforms, professional services, applications and infrastructure to the telecommunications industry and corporate enterprises.
| Issuer: | InterCloud Systems, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $11,625,000
|
| Maturity: | June 13, 2015
|
| Coupon: | 12%
|
| Conversion price: | $6.36
|
| Warrants: | No
|
| Agent: | Aegis Capital Corp.
|
| Pricing date: | Dec. 13
|
| Stock symbol: | Nasdaq: ICLD
|
| Stock price: | $9.13 at close Dec. 12
|
| Market capitalization: | $70.8 million
|
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