By Sheri Kasprzak
Atlanta, Dec. 10 - Tarrant Apparel Group said Friday it has raised $10 million through the private placement of convertible debentures and warrants.
The company sold secured convertible debentures to The Runnels Family Trust, High Tide LLC, Bear Stearns Securities Corp. through J. Steven Emerson Roth IRA, Bear Stearns Securities Corp. through J. Steven Emerson IRA II, Bristol Investment Fund Ltd., MM & B Holdings, Freedman Leff Investment Partnership, Union Finance International Corp., JMG Triton Offshore Fund Ltd., JMB Capital Partners and JMG Capital Partners LP on Dec. 6.
The debentures, which mature in three years, are convertible into common shares at $2 each. The debentures accrue interest at 6% per year.
The investors also received warrants for 1.25 million shares. The warrants allow for an additional share at $2.50 for five years.
Tarrant, based in Los Angeles, is a specialty clothing retailer.
| Issuer: | Tarrant Apparel Group
|
| Issue: | Secured convertible debentures
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| Amount: | $10 million
|
| Maturity: | Three years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $2.00
|
| Warrants: | For 1.25 million shares
|
| Warrant expiration: | Five years
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| Warrant strike price: | $2.50
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| Investors: | Runnels Family Trust, High Tide LLC, Bear Stearns Securities Corp. through J. Steven Emerson Roth IRA, Bear Stearns Securities Corp. through J. Steven Emerson IRA II, Bristol Investment Fund Ltd., MM & B Holdings, Freedman Leff Investment Partnership, Union Finance International Corp., JMG Triton Offshore Fund Ltd., JMB Capital Partners and JMG Capital Partners LP
|
| Settlement date: | Dec. 6
|
| Stock price: | $2.00 at close Dec. 6
|
| Stock price: | $1.99 at close Dec. 10
|
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