Mile Marker, investors to extend term of 11% convertibles to June 1

By Devika Patel

Knoxville, Tenn., Dec. 30 - Mile Marker International, Inc. said it completed the refinancing of several notes that were to have matured on Dec. 1.

The company refinanced its $2.13 million in 11% senior unsecured subordinated convertible notes.

All 12 noteholders have agreed to refinance and extend this debt to June 1, 2009 at an interest rate of 15%.

One noteholder also increased his note amount by providing additional funds to the company.

The total principal amount of the notes outstanding is $2.24 million.

Mile Marker, based in Pompano Beach, Fla., is a distributor of a line of hydraulic winches.

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