By Sheri Kasprzak
New York, April 18 - AeroCentury Corp. completed a $28 million private placement of senior subordinated notes with warrants.
The 16% notes are due Dec. 30, 2011. They were sold to Satellite Fund II, LP; Satellite Fund IV, LP; the Apogee Group, LLC; and Satellite Fund V, LLC.
The investors received warrants for 171,473 shares, exercisable at $8.75 each for four years.
In other news, National City Bank, California Bank & Trust, First Bank and Bridge Bank agreed to restate the company's existing credit facility so that the maximum amount available is $80 million, a $25 million increase.
Located in Burlingame, Calif., AeroCentury is an aircraft operating lessor and finance company.
| Issuer: | AeroCentury Corp.
|
| Issue: | Senior subordinated notes
|
| Amount: | $28 million
|
| Maturity: | Dec. 30, 2011
|
| Coupon: | 16%
|
| Price: | Par
|
| Yield: | 16%
|
| Warrants: | For 171,473 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $8.75
|
| Investors: | Satellite Fund II, LP; Satellite Fund IV, LP; the Apogee Group, LLC; Satellite Fund V, LLC
|
| Settlement date: | April 17
|
| Stock symbol: | Amex: ACY
|
| Stock price: | $14.03 at close April 17
|
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