By Devika Patel
Knoxville, Tenn., April 12 - Benitec Ltd. said it arranged a $6 million convertible note facility with La Jolla Cove Investors, Inc. It will sell four $1.5 million two-year notes.
The 4.75% notes are convertible into ordinary shares at the lesser of A$0.15 per share or a 20% discount to the value-weighted average price calculated at conversion, subject to a floor of A$0.04 per share.
Benitec is an Australian biotechnology company.
| Issuer: | Benitec Ltd.
|
| Issue: | Convertible note facility
|
| Amount: | $6 million
|
| Maturity: | Two years
|
| Coupon: | 4.75%
|
| Price: | Par
|
| Yield: | 4.75%
|
| Conversion price: | The lesser of A$0.15 or a 20% discount to the value-weighted average price
|
| Warrants: | No
|
| Investor: | La Jolla Cove Investors, Inc.
|
| Pricing date: | April 12
|
| Stock symbol: | Australia: BLT
|
| Stock price: | A$0.046 at close April 9
|
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