By Stephanie N. Rotondo
Seattle, Nov. 11 – Staffing 360 Solutions Inc. is selling up to $18 million of preferred stock units via a general solicitation private placement, according to a company press release.
Source Capital Group Inc. is the lead placement agent.
Under the terms of the deal, the New York-based staffing company will offer up to 22,767 of 8% series E-1 $1,000-par units at $793.83 each and up to 22,767 of 10% series E-2 $1,000-par units at $620.92 apiece.
The E-1 units will hold one three-year term redeemable preference shares and 80 shares of common stock. The E-2 units will hold one five-year term preference share and 80 shares of common stock.
The units are immediately detachable upon closing.
The securities will not be listed.
Proceeds will be used to finance acquisitions, to service corporate debt obligations, for working capital and for general corporate purposes.
| Issuer: | Staffing 360 Solutions Inc.
|
| Securities: | Preference stock units
|
| Amount: | Up to $18 million
|
| Placement agent: Source Capital Group Inc.
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| Pricing date: | Nov. 10
|
| Distribution: | Private placement
|
|
|
| Series E-1 units
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| Amount: | Up to 22,767 units
|
| Maturity: | 2019
|
| Dividend: | 8%
|
| Price: | $793.83
|
| Par: | $1,000
|
|
|
| Series E-2 units
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| Amount: | Up to 22,767 units
|
| Maturity: | 2021
|
| Dividend: | 10%
|
| Price: | $620.92
|
| Par: | $1,000
|
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