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Macro Enterprises amends 2006 agreement with convertible loan investors
By Devika Patel
Knoxville, Tenn., May 1 - Macro Enterprises Inc. announced it has amended the terms of its convertible loan agreement with Frank Miles, Mark Dodge and Hugh Sewell.
The loan settled July 7, 2006.
Under the amended agreement, the loan's maturity date has been extended to Jan. 1, 2012. The interest rate was reduced to 6.5% and the company has revised the schedule so that interest is payable quarterly, beginning on June 30.
Also, the interest for the period between March 31 and Dec. 31 will be payable in cash, or, in certain circumstances, with common shares at a conversion price equal to the greater of the volume-weighted average price of the common shares for the 20 trading days prior to the interest payment date and C$0.25 per share.
The interest after Dec. 31, 2009 will be payable in cash, or, at the election of any of the lenders, with shares at a conversion price equal to the greater of the volume-weighted average price of the shares for the 20 trading days prior to the interest payment and C$0.25 per share.
The company will begin repaying the principal on Oct. 1, 2010 at the rate of C$127,332.60 per month. It will continue to pay at that rate for 16 months, with a final payment due on the maturity date.
The conversion price was lowered to C$1.50 per share and the company may no longer convert outstanding principal to stock.
Based in Fort St John, B.C., Macro Enterprises provides construction and pipeline services to the oil and gas industries.
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