By Devika Patel
Knoxville, Tenn., Jan. 2 - Ceramic Protection Corp. will raise $6 million in a private placement of subordinated convertible debentures.
The three-year notes have a 10% coupon and their conversion price will be the Canadian dollar equivalent of $6.57.
Ceramic may force conversion if, after the first year, its common shares trade at or above the Canadian dollar equivalent of $9.10 for 30 or more consecutive trading days.
Up to $3 million of the debentures will be bought by insiders.
Proceeds will be used for general corporate and ongoing working capital purposes.
Ceramic Protection is a Sunrise, Fla.-based manufacturer of materials for the ballistic-protection market.
| Issuer: | Ceramic Protection Corp.
|
| Issue: | Subordinated convertible debentures
|
| Amount: | $6 million
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $6.57
|
| Warrants: | No
|
| Pricing date: | Jan. 2
|
| Stock symbol: | Toronto: CEP
|
| Stock price: | C$6.45 at close Jan. 2
|
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