By Devika Patel
Knoxville, Tenn., May 21 - Lighting Science Group Corp. sold a $31.65 million convertible note to Pegasus Partners IV, LP on May 15, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 14% note is due on July 31, 2009. It may not be prepaid.
It is convertible into units of 1.006 series D non-convertible preferred shares and one warrant at $1.006 per unit. The warrants are exercisable at $6.00.
Proceeds will be used to repay debt.
Dallas-based Lighting Science Group develops environmentally friendly lighting products.
| Issuer: | Lighting Science Group Corp.
|
| Issue: | Note convertible into units of 1.006 series D non-convertible preferred shares and one warrant
|
| Amount: | $31,649,999.39
|
| Maturity: | July 31, 2009
|
| Coupon: | 14%
|
| Price: | Par
|
| Yield: | 14%
|
| Conversion price: | $1.006
|
| Warrants: | One per unit upon conversion
|
| Warrant strike price: | $6.00
|
| Investor: | Pegasus Partners IV, LP
|
| Settlement date: | May 15
|
| Stock symbol: | OTCBB: LSCG
|
| Stock price: | $0.75 at close May 15
|
| Market capitalization: | $21.7 million
|
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