By Devika Patel
Knoxville, Tenn., Aug. 26 - Celsius Holdings, Inc. said it negotiated a $6.5 million convertible loan with CDS Ventures of South Florida, LLC.
CDS Ventures will invest $6.5 million in a loan, which bears interest at Libor plus 300 basis points.
The facility can be drawn in full over three and a half months. The loan is convertible into common stock at the lower of $0.40 or the market price at the time of conversion.
Based in Delray Beach, Fla., Celsius specializes in business communications.
| Issuer: | Celsius Holdings, Inc.
|
| Issue: | Convertible loan
|
| Amount: | $6.5 million
|
| Coupon: | Libor plus 300 bps
|
| Price: | Par
|
| Yield: | Libor plus 300 bps
|
| Conversion price: | The lower of $0.40 or market price at the time of conversion
|
| Warrants: | No
|
| Investor: | CDS Ventures of South Florida, LLC
|
| Pricing date: | Aug. 26
|
| Stock symbol: | OTCBB: CSUH
|
| Stock price: | $0.53 at close Aug. 25
|
| Market capitalization: | $76.6 million
|
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