By Devika Patel
Knoxville, Tenn., July 28 - Maui Land & Pineapple Co., Inc. said it has arranged a $40 million private placement of 5.875% secured convertible notes.
The notes will mature on July 29, 2013 and are convertible into common stock at $33.50 per share, which equals a conversion ratio of 29.8507 and a 12% conversion premium.
The company may force conversion on or after the second anniversary.
Settlement is expected July 29.
Proceeds will be used for debt repayment, development projects and general corporate purposes.
Based in Kahului, Hawaii, Maui Land & Pineapple manages agricultural and resort properties.
| Issuer: | Maui Land & Pineapple Co., Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $40 million
|
| Maturity: | July 29, 2013
|
| Coupon: | 5.875%
|
| Price: | Par
|
| Yield: | 5.875%
|
| Conversion price: | $33.50
|
| Conversion ratio: | 29.8507
|
| Conversion premium: | 12%
|
| Warrants: | No
|
| Pricing date: | July 28
|
| Settlement date: | July 29
|
| Stock symbol: | Amex: MLP
|
| Stock price: | $33.22 at close July 7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
