By Sheri Kasprzak
Atlanta, Dec. 13 - BP International Inc. said Monday it has received $4 million in a credit facility from Laurus Master Fund Ltd.
BP received $1 million in a secured convertible minimum borrowing note and $3 million from a secured revolving note.
The note and the revolving note both mature Dec. 2, 2007 and bear interest at 9% yearly. The notes may be converted into shares at $0.44 each.
Laurus also received a warrant to buy an additional 2 million shares at $0.66 for the first 1 million shares acquired and $0.71 for the remainder of the shares. The warrant expires Dec. 2, 2011.
Based in Deland, Fla., BP International manufactures fabric architecture shade structures and athletic field equipment. The company plans to use the financing to expand its marketing efforts in its athletic division.
| Issuer: | BP International Inc.
|
| Issue: | Secured convertible minimum borrowing note ($1 million) and secured revolving note ($3 million)
|
| Amount: | $4 million
|
| Maturity: | Dec. 2, 2007
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | $0.44
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | Dec. 2, 2011
|
| Warrant strike price: | $0.66 for the first 1 million shares; $0.71 for the remainder
|
| Investors: | Laurus Master Fund Ltd.
|
| Pricing date: | Dec. 2
|
| Stock price: | $0.45 at close Dec. 2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
