By Sheri Kasprzak
New York, April 12 - MSGI Security Solutions, Inc. closed a $1 million private placement of convertible notes.
The 6% notes are due April 5, 2010 and are convertible into common shares at a price equal to 75% of the average of the three lowest closing stock prices for the 20 trading days before conversion. The conversion price has a floor of $0.50.
The institutional investors that bought the notes received warrants for 1.5 million shares, exercisable at $1.00 each for seven years.
H.C. Wainwright was the placement agent.
MSGI is based in New York and provides security products for commercial and government organizations.
Issuer: | MSGI Security Solutions, Inc.
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Issue: | Convertible notes
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Amount: | $1 million
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Maturity: | April 5, 2010
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Coupon: | 6%
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Price: | Par
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Yield: | 6%
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Conversion price: | Equal to 75% of the average of the three lowest closing prices for the 20 trading days before conversion, floor of $0.50
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Warrants: | For 1.5 million shares
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Warrant expiration: | Seven years
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Warrant strike price: | $1.00
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Placement agent: | H.C. Wainwright
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Settlement date: | April 5
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Stock symbol: | Pink Sheets: MSGI
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Stock price: | $0.87 at close April 5
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