Boston Restaurant replaces series A preferreds with series B preferreds in private placement

By Sheri Kasprzak

New York, Aug. 17 - Boston Restaurant Associates, Inc. replaced series A preferreds issued in a previous private placement with series B convertible preferreds.

The investors in the original offering, which closed in July, will pay $0.70 for each share of series B preferreds for $1.2 million in proceeds.

The series B preferreds are convertible on a one-for-one basis for common shares.

The trade was done as part of Boston Restaurant Associates' merger with Dolphin Direct Equity Partners LP and Braidol Acquisition Corp.

Boston Restaurant Associates, located in Saugus, Mass., operates a chain of pizzerias.

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