By Laura Lutz
Des Moines, Jan. 9 - Avistar Communications Corp. settled a private placement of convertible subordinated secured notes for $7 million, according to an 8-K filing with the Securities and Exchange Commission.
Baldwin Enterprises, Inc., a subsidiary of Leucadia National Corp., subscribed for $4 million. Directors Gerald Burnett, R. Stephen Heinrichs, William Campbell, Simon Moss and Craig Heimark also participated in the placement.
The notes mature on Jan. 4, 2010 and bear interest at 4.5% per year. Beginning one year after issuance, they will be convertible into common stock at $0.70 per share.
Interest is payable semiannually.
Proceeds will be used for working capital, capital expenditures and other general corporate purposes.
Avistar is a software company based in San Mateo, Calif.
| Issuer: | Avistar Communications Corp.
|
| Issue: | Convertible subordinated secured notes
|
| Amount: | $7 million
|
| Maturity: | Jan. 4, 2010
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Conversion price: | $0.70, beginning one year after conversion
|
| Investors: | Baldwin Enterprises, Inc. (lead); Gerald Burnett; R. Stephen Heinrichs; William Campbell; Simon Moss; Craig Heimark
|
| Settlement date: | Jan. 4
|
| Stock symbol: | Nasdaq: AVSR
|
| Stock price: | $0.38 at close Jan. 4
|
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