By Sheri Kasprzak
New York, July 6 - Zoltek Cos., Inc. has completed the sale of an additional $2.5 million in convertible debentures, bringing to $52.5 million the proceeds raised in the deal so far.
The 42-month debentures bear interest at 7.5% for the first 18 months and at Libor plus 400 basis points thereafter.
The debentures are convertible at $25.51 each.
The company intends to raise a total of $60 million in the private placement, which is ongoing.
Based in St. Louis, Zoltek produces carbon fiber used in aircraft brakes, among other applications.
| Issuer: | Zoltek Cos. Inc.
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| Issue: | Convertible debentures
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| Amount: | $2.5 million
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| Maturity: | 42 months
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| Coupon: | 7.5% for first 18 months; Libor plus 400 basis points thereafter
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| Conversion price: | $25.51
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| Warrants: | No
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| Settlement date: | July 6
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| Stock symbol: | Nasdaq: ZOLT
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| Stock price: | $29.28 at close July 6
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