By Devika Patel
Knoxville, Tenn., June 1 - TRC Cos. Inc. raised $15.5 million in a private placement of series A convertible preferred stock on June 1, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 7,209.302 preferreds at $2,150 apiece.
The preferreds will automatically convert into 1,000 common shares after 18 months.
Proceeds will be used for general purposes, to reduce debt under the company's revolving credit agreement and to increase its tangible net worth.
TRC is a national consulting, engineering and construction management firm based in Windsor, Conn.
| Issuer: | TRC Cos. Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $15.5 million
|
| Shares: | 7,209.302
|
| Price: | $2,150
|
| Conversion ratio: | Into 1,000 common shares
|
| Warrants: | No
|
| Settlement date: | June 1
|
| Stock symbol: | NYSE: TRR
|
| Stock price: | $4.05 at close June 1
|
| Market capitalization: | $78.3 million
|
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