By Devika Patel
Knoxville, Tenn., April 9 - Origen Financial, Inc. raised $46 million in a private placement of a secured note.
The three-year note pays 14.5% interest per year and is secured by all of the company's assets. The maturity date may be extended by one year, at Origen's option.
The investor also received five-year warrants for 2.6 million common shares, exercisable at $1.22 per share.
Southfield, Mich.-based Origen is a real estate investment trust that originates and services manufactured housing loans.
| Issuer: | Origen Financial, Inc.
|
| Issue: | Secured note
|
| Amount: | $46 million
|
| Maturity: | Three years, subject to extension by one year at company's option
|
| Coupon: | 14.5%
|
| Price: | Par
|
| Warrants: | For 2.6 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.22
|
| Settlement date: | April 9
|
| Stock symbol: | Nasdaq: ORGN
|
| Stock price: | $1.35 at close April 8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
