By Devika Patel
Knoxville, Tenn., Sept. 26 - Lombard Medical Technologies plc said it hopes to raise £1.6 million in a private placement of convertible loan notes.
The notes will be unsecured and will yield a gross coupon of 1% above the average annual base rate of the Bank of England.
The company may force conversion at any time.
Insiders will buy a total of £75,000 of the notes.
The placing has been underwritten by Nomura Code Securities Ltd.
Proceeds will be used to complete the company's ongoing long-term financing discussions as well as progress certain key near-term objectives.
The company also said that the proceeds from the deal along with existing cash resources will allow Lombard to trade into January 2009. If the board is unable to secure additional sources of funding, the company will have insufficient resources to trade beyond that date.
Lombard is a medical device company based in London.
| Issuer: | Lombard Medical Technologies plc
|
| Issue: | Convertible unsecured loan notes
|
| Amount: | £1.6 million
|
| Coupon: | Base plus 1%
|
| Price: | Par
|
| Yield: | Base plus 1%
|
| Underwriter: | Nomura Code Securities Ltd.
|
| Pricing date: | Sept. 26
|
| Stock symbol: | London: LMT
|
| Stock price: | 2.15p at close Sept. 26
|
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