By Laura Lutz
Des Moines, Jan. 2 - Worldspace Satellite Radio secured a financing facility for up to $40 million, according to a news release.
Yenura Pte. Ltd. is the investor. Yenura is a controlled by Noah Samara, chairman and chief executive officer of Worldspace.
Drawdowns under the facility may be made until Jan. 31, 2008. They will take the form of subordinated convertible notes.
The notes will mature in five years and bear interest at 8% per year. They will be convertible into class A common stock at $4.25 per share.
Proceeds will be used for the launch of Worldspace's European mobile service.
Worldspace is a satellite-based digital radio services company based in Silver Spring, Md.
| Issuer: | Worldspace Satellite Radio
|
| Issue: | Subordinated convertible financing facility
|
| Amount: | $40 million
|
| Term: | Jan. 31, 2008
|
| Maturity: | Five years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $4.25
|
| Investor: | Yenura Pte. Ltd.
|
| Announcement date: | Jan. 2
|
| Stock symbol: | Nasdaq: WRSP
|
| Stock price: | $1.68 at close Dec. 31
|
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