Company arranges financings through Morgan Stanley, B. Riley
By Devika Patel
Knoxville, Tenn., June 28 - API Technologies Corp. said it settled a secured term loan facility and private placement of common stock, which replace the $200 million term loan facility the company negotiated on June 1. The placement raised about $31 million and the loan was for $170 million.
The company sold the shares at $6.50 apiece, a 13.33% discount to the June 27 closing share price of $7.50.
The loan was arranged by Morgan Stanley Senior Funding, Inc., which was also the bookrunner and administrative agent. B. Riley & Co., LLC was the agent for the private placement.
API Technologies is an Orlando, Fla., provider of electronic systems, subsystems, RF, and secure solutions for the defense, aerospace, and commercial industries.
| Issuer: | API Technologies Corp.
|
| Issue: | Secured term loan, common stock
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| Amount: | $201 million (approximate)
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| Warrants: | No
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| Settlement date: | June 28
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| Stock symbol: | Nasdaq: ATNY
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| Stock price: | $7.55 at close June 28
|
| Market capitalization: | $370.38 million
|
|
|
| Loan
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| Amount: | $170 million
|
| Bookrunner: | Morgan Stanley Senior Funding, Inc.
|
|
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| Stock
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| Amount: | $31 million (approximate)
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| Price: | $6.50
|
| Agent: | B. Riley & Co., LLC
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