By Sheri Kasprzak
New York, June 14 - OccuLogix, Inc. is gearing up to wrap a $30 million private placement of zero-coupon convertible notes.
The notes are convertible into common shares at $3.30 each, a 45.4% premium to the company's $2.27 closing stock price on Tuesday.
The maturity of the notes could not be determined by press time Wednesday.
Funds managed by Sowood Capital Management LP agreed to buy the notes.
The offering is scheduled to close Aug. 15.
Proceeds will be used for acquisition or investments in businesses, products or technologies complementary to its business strategy.
Located in Toronto, OccuLogix develops treatments for age-related eye diseases.
| Issuer: | OccuLogix, Inc.
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| Issue: | Convertible notes
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| Amount: | $30 million
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| Coupon: | 0%
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| Conversion price: | $3.30
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| Warrants: | No
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| Investor: | Sowood Capital Management LP
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| Announcement date: | June 14
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| Settlement date: | Aug. 15
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| Stock symbol: | Nasdaq: RHEO
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| Stock price: | $2.27 at close June 13
|
| Stock price: | $2.19 at close June 14
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