Deal sells 12% series F preferreds and 12% series G preferreds
By Devika Patel
Knoxville, Tenn., June 25 – IEG Holdings Corp. arranged two private placements of 12% convertible preferred stock to raise a total of $6.02 million, according to an 8-K filed Thursday with the Securities and Exchange Commission. It agreed to sell $600,000 of series F preferreds on June 17 and $5.42 million of series G preferreds on June 22.
The preferreds were sold at $1.00 apiece.
The series F preferreds may initially be converted into common stock at a rate of 0.3636 common shares per preferred. At maturity, the series F preferreds may be converted at a rate of 0.3333 common shares per preferred.
The series G preferreds may initially be converted into common stock at a rate of 0.2105 common shares per preferred. At maturity, the series F preferreds may be converted at a rate of 0.2 common shares per preferred.
The company may redeem the preferreds at par after Dec. 31, 2015.
The consumer finance company is based in Las Vegas.
Issuer: | IEG Holdings Corp.
|
Issue: | Series F convertible preferred stock, series G convertible preferred stock
|
Amount: | $6,019,500
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Price: | $1.00
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Dividends: | 12%
|
Call: | At par after Dec. 31, 2015
|
Warrants: | No
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Stock symbol: | OTCBB: IEGH
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Stock price: | $0.40 at close June 16
|
Market capitalization: | $8.52 million
|
|
Series F preferreds
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Amount: | $600,000
|
Preferreds: | 600,000
|
Conversion ratio: | 0.3636 common shares per preferred
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Pricing date: | June 17
|
|
Series G preferreds
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Amount: | $5,419,500
|
Preferreds: | 5,419,500
|
Conversion ratio: | 0.2105 common shares per preferred
|
Pricing date: | June 22
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