By Sheri Kasprzak
New York, Oct. 24 - OneTravel Holdings, Inc. said it has completed a private placement for C$12.5 million.
The company issued 9% secured convertible debentures to a group of institutional investors.
The debentures mature on Oct. 21, 2008 and are initially convertible into a total of 4,901,960 common shares at $2.55 each.
The investors also received warrants for 1,960,784 shares, exercisable at $2.55 each.
The debentures are redeemable at 125% of the principal plus interest.
Proceeds will be used for debt repayment and working capital.
Based in Atlanta, OneTravel is a holding company for travel services concerns.
| Issuer: | OneTravel Holdings, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $12.5 million
|
| Maturity: | Oct. 21, 2008
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | $2.55
|
| Conversion ratio: | Into 4,901,960 shares
|
| Warrants: | For 1,960,784 shares
|
| Warrant strike price: | $2.55
|
| Settlement date: | Oct. 21
|
| Stock price: | $1.94 at close Oct. 21
|
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