By Devika Patel
Knoxville, Tenn., Oct. 23 - Advanced Life Sciences Holdings, Inc. said it amended its agreement with Leaders Bank to increase its line of credit to $10 million from $4 million and extend the maturity date by one year to Jan. 1, 2011. The deal settled Sept. 29 along with a loan commitment.
All borrowings under the increased line will bear interest at a fixed rate of 8.5%.
Leaders Bank also received warrants for 65,000 common shares, exercisable at $1.00 for five years.
Advanced Life Sciences is a biopharmaceutical company based in Woodbridge, Ill.
| Issuer: | Advanced Life Sciences Holdings, Inc.
|
| Issue: | Line of credit
|
| Amount: | $10 million
|
| Maturity: | Jan. 1, 2011
|
| Coupon: | 8.5%
|
| Price: | Par
|
| Yield: | 8.5%
|
| Warrants: | For 65,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Investor: | Leaders Bank
|
| Settlement date: | Sept. 29
|
| Amended: | Oct. 23
|
| Stock symbol: | Nasdaq: ADLS
|
| Stock price: | $0.78 at close Sept. 29
|
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