By Devika Patel
Knoxville, Tenn., Feb. 19 - Antonov plc said it has secured a €20 million equity financing facility and a €15 million loan facility with Quivest BV.
Under the terms of the four-year equity facility, Antonov will be able to draw down between €250,000 and €600,000 per month. In return, the company will issue new ordinary shares at an effective price of 93.4% of the average closing price on Euronext over the five days preceding the drawdown.
Quivest will also receive warrants on each drawdown to subscribe for a number of shares equal to 40% of those received under the drawdown. The warrants will be exercisable at a 15% premium to the then market price.
Proceeds will be used to fund the company's monthly operating cash costs and fund additional engineering projects as required.
The company has also agreed a €15 million loan facility to help meet the expected costs of a possible joint venture in China for the production of the TX6 transmission.
Under the terms of the loan facility, the company will have the right to draw down €15 million at any time in the next four years.
Once drawn down, the loan will carry an annual interest rate of 6.5%,
Based in Rotterdam, The Netherlands, Antonov develops automotive transmissions.
| Issuer: | Antonov plc
|
| Issue: | Committed equity financing facility
|
| Amount: | €35 million
|
| Warrants: | Yes
|
| Warrant strike price: | 15% premium to market price
|
| Investor: | Quivest BV
|
| Pricing date: | Feb. 19
|
| Stock symbol: | London: ATV
|
| Stock price: | 11.95p at close Feb. 19
|
|
|
| Equity facility
|
| Amount: | €20 million
|
| Tenor: | Four years
|
| Shares: | 15 million (maximum)
|
| Price: | 93.4% of the average closing price
|
|
|
| Loan facility
|
| Amount: | €15 million
|
| Tenor: | Four years
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
© 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.
