By Sheri Kasprzak
New York, Jan. 18 - Miscor Group, Ltd. completed a $12.5 million private placement.
Tontine Capital Partners, LP and Tontine Capital Overseas Master Fund, LP bought 62.5 million shares at $0.20 each.
Proceeds will be used to pay off $10 million in senior secured debt. The remainder will be used for working capital.
Based in South Bend, Ind., Miscor provides mechanical and electrical industrial services for commercial, industrial and institutional clients.
| Issuer: | Miscor Group, Ltd.
|
| Issue: | Stock
|
| Amount: | $12.5 million
|
| Shares: | 62.5 million
|
| Price: | $0.20
|
| Warrants: | No
|
| Investors: | Tontine Capital Partners, LP; Tontine Capital Overseas Master Fund, LP
|
| Settlement date: | Jan. 18
|
| Stock symbol: | OTCBB: MCGL
|
| Stock price: | $0.20 at close Jan. 18
|
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