By Sheri Kasprzak
New York, Dec. 8 - Ocean Bio-Chem, Inc. said it has increased the size of its subordinated convertible revolving credit facility to $1.5 million from $1 million.
The five-year facility bears interest at Prime plus 200 basis points and is convertible into common shares at $1.00 each.
The facility will be provided by Peter G. Dornau, the company's president.
Dornau will receive warrants for 500,000 shares, exercisable at $1.13 each, and additional warrants for 500,000 shares, exercisable at $0.863 each.
Based in Fort Lauderdale, Fla., Ocean Bio-Chem makes maintenance products for boats and recreational vehicles.
| Issuer: | Ocean Bio-Chem, Inc.
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| Issue: | Subordinated convertible revolving credit facility
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| Amount: | $1.5 million
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| Maturity: | Five years
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| Coupon: | Prime plus 200 basis points
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| Conversion price: | $1.00
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| Warrants: | For 1 million shares
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| Warrant strike price: | $1.13 for half; $0.863 for half
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| Investor: | Peter G. Dornau
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| Settlement date: | Dec. 6
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| Stock price: | $0.90 at close Dec. 6
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