By Sheri Kasprzak
Atlanta, April 25 - Matrix Service Co. said it has closed a private placement of senior unsecured convertible notes for $30 million.
The notes bear interest at 7% annually, are due April 25, 2010 and are initially convertible into common shares at $4.69 each.
JP Morgan Chase Bank NA was the placement agent in the offering.
Based in Tulsa, Okla., Matrix provides industrial construction and repairs for the petroleum, petrochemical, bulk storage terminal, pipeline and industrial gas industries.
The company plans to use $20 million of the proceeds to repay a term note with an 18% interest rate. The remainder will be used for additional liquidity and for working capital.
| Issuer: | Matrix Service Co.
|
| Issue: | Senior unsecured convertible notes
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| Amount: | $30 million
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| Maturity: | April 25, 2010
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| Coupon: | 7%
|
| Price: | Par
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| Yield: | 7%
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| Conversion price: | $4.69
|
| Warrants: | No
|
| Placement agent: | JP Morgan Chase Bank NA
|
| Settlement date: | April 22
|
| Stock price: | $3.93 at close April 22
|
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