By Sheri Kasprzak
New York, Oct. 31 - Antigenics Inc. has completed a $25 million private placement of senior convertible notes with a group of accredited investors.
The 8% notes are convertible into common shares at $3.50 each, a 74% premium to the company's $2.01 closing price on Monday. The notes may also be converted into a 30% interest in Antigenics MA, a subsidiary of the company.
The notes are due Aug. 30, 2011.
Antigenics may call the notes after Oct. 30, 2009 if the average trading price of its stock for any 30-day trading period is $7.00 or higher.
Interest payments and the principal are payable in cash or in kind at Antigenics' option.
The investors in the offering are Ingalls & Snyder Value Partners LP and Penrith Ltd.
New York-based Antigenics develops treatments for cancers, infectious diseases and autoimmune disorders.
| Issuer: | Antigenics Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $25 million
|
| Maturity: | Aug. 30, 2011
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $3.50
|
| Call: | Callable after Oct. 30, 2009 if average stock price for any 30-day period is at least $7.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Ingalls & Snyder Value Partners LP and Penrith Ltd.
|
| Settlement date: | Oct. 30
|
| Stock symbol: | Nasdaq: AGEN
|
| Stock price: | $2.01 at close Oct. 30
|
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