Monmouth Capital arranges $10.42 million private placement of debentures

By Sheri Kasprzak

Atlanta, April 13 - Monmouth Capital Corp. said it will raise $10.42 million in a private placement.

The company plans to sell subordinated convertible debentures. The debentures bear interest at 8% annually and mature in 2015.

Neither Eugene Landy, the company's chief executive officer, nor Rosemarie Faccone with the company's investor relations department returned requests Wednesday for additional details on the offering.

Dominick & Dominick LLC is the placement agent in the offering.

Based in Freehold, N.J., Monmouth Capital is a real estate investment trust. The company plans to use the proceeds from the offering for real estate investments.

The company's stock closed unchanged at $6.65 Wednesday.

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