By Sheri Kasprzak
Atlanta, Feb. 10 - Access Integrated Technologies Inc. said it has raised $7.6 million in a private placement.
The company received agreements from institutional investors for convertible debentures. The debentures mature in four years, bear interest at 7% and are convertible into common shares at $4.07 each.
The investors will also receive warrants for up to 560,197 class A shares at $4.44 each for five years, beginning Sept. 9.
Based in Morristown, N.J., Access Integrated is a storage and delivery service provider for owners and distributors of movie theaters and other venues. The company plans to use the proceeds to complete its previously announced purchase of the Pavilion Theater in Brooklyn, N.Y. The remainder will be used for working capital.
| Issuer: | Access Integrated Technologies Inc.
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| Issue: | Convertible debentures
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| Amount: | $7.6 million
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| Maturity: | Four years
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| Coupon: | 7%
|
| Price: | Par
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| Yield: | 7%
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| Conversion price: | $4.07
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| Warrants: | For 560,197 shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $4.44
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| Announcement date: | Feb. 10
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| Stock price: | $3.80 at close Feb. 9
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