By Devika Patel
Knoxville, Tenn., Sept. 19 – Staffing 360 Solutions, Inc. arranged a $40 million private placement of 12% notes due Sept. 15, 2020 with Jackson Investment Group LLC, according to an 8-K filing with the Securities and Exchange Commission.
The company may prepay the note in whole or in part from time to time without a premium.
Proceeds will be used to repay $11,165,000 of subordinated notes that are held by Jackson and to fund a portion of the purchase price consideration of the company’s planned acquisitions of CBS Butler Holdings Ltd. and substantially all the assets of Firstpro Inc. and Firstpro Georgia, LLC and repay other debt.
The staffing company is based in New York.
| Issuer: | Staffing 360 Solutions, Inc.
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| Issue: | Senior secured note
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| Amount: | $40 million
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| Maturity: | Sept. 15, 2020
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| Coupon: | 12%
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| Call: | In whole or in part from time to time without a premium
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| Investor: | Jackson Investment Group LLC
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| Pricing date: | Sept. 15
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| Distribution: | Private placement
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