By Sheri Kasprzak
Atlanta, June 9 - Antonov plc said it has completed a private placement for €6.75 million convertible loan notes with five investors, both new and existing, including Quivest BV, the company's largest shareholder.
The notes bear interest at 7.5% annually and are convertible into common shares at 20p each. The conversion price per share will be determined on the drawdown date and will always be a 5% discount to the market bid price on that date. Antonov may draw from the facility through June 30, 2007.
The notes are redeemable after June 30, 2007.
The investors also received warrants on a basis of one warrant for every €2.40 of notes issued. The warrants are exercisable at €1.20 each.
Based in Rotterdam, The Netherlands, Antonov develops automotive transmissions.
| Issuer: | Antonov plc
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| Issue: | Convertible loan note
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| Amount: | €6.75 million
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| Maturity: | June 30, 2007
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| Coupon: | 7.5%
|
| Price: | Par
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| Yield: | 7.5%
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| Conversion price: | 20p (determined on the drawdown date at a 5% discount to then-current market bid price)
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| Call: | Redeemable after June 30, 2007
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| Warrants: | One warrant for each €2.40 of notes purchased
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| Warrant strike price: | €1.20
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| Investors: | Quivest BV
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| Settlement date: | June 9
|
| Stock price: | €1.58 at close June 9
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