Deal sells one-year senior secured note to investor through Palladium
By Devika Patel
Knoxville, Tenn., Sept. 8 – Helios and Matheson Analytics Inc. sold a $4.38 million 6% senior secured convertible note for $4 million in a private placement on Sept. 7, according to an 8-K filed Thursday with the Securities and Exchange Commission. The lone investor paid for the note with $1 million in cash and $3 million in secured promissory notes.
The convertible matures on Dec. 7, 2017. The note is initially convertible into common shares at $8.075 per share, a 14.64% discount to the Sept. 6 closing share price of $9.46. The company may prepay the note.
Palladium Capital Advisors LLC was the agent.
Proceeds will be used to provide a senior secured loan to Zone Technologies, Inc. and for general corporate purposes.
The information technology services company is based in New York.
| Issuer: | Helios and Matheson Analytics Inc.
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| Issue: | Senior secured convertible note
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| Amount: | $4,381,075
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| Maturity: | Dec. 7, 2017
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| Price: | $4 million, $1 million in cash and $3 million in secured promissory notes
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| Coupon: | 6%
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| Conversion price: | $8.075
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| Call: | Yes
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| Warrants: | No
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| Agent: | Palladium Capital Advisors LLC
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| Settlement date: | Sept. 7
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| Stock symbol: | Nasdaq: HMNY
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| Stock price: | $9.46 at close Sept. 6
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| Market capitalization: | $23.85 million
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