Apollo buys senior secured notes with warrants for 1,496,843 shares
By Devika Patel
Knoxville, Tenn., May 1 - Osage Exploration and Development, Inc. settled a $10 million private placement of senior secured notes with Apollo Investment Corp. on April 27, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note is due April 27, 2015 and accrues interest at Libor plus 15% with a Libor floor of 2%.
Apollo also received a warrant for 1,496,843 shares, which is exercisable at $0.01 until April 27, 2017.
CC Natural Resource Partners, LLC was paid a placement fee.
Osage is an oil and gas exploration company in San Diego.
| Issuer: | Osage Exploration and Development, Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $10 million
|
| Maturity: | April 27, 2015
|
| Coupon: | Libor plus 15%, Libor floor of 2%
|
| Warrants: | For 1,496,843 shares
|
| Warrant expiration: | April 27, 2017
|
| Warrant strike price: | $0.01
|
| Investor: | Apollo Investment Corp.
|
| Settlement date: | April 27
|
| Stock symbol: | OTCBB: OEDV
|
| Stock price: | $1.54 at close April 26
|
| Market capitalization: | $92.11 million
|
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