By Sheri Kasprzak
New York, May 23 - Charys Holding Co. has closed a $13 million private placement of series D convertible preferred stock and also released the details on its redemption offer on $4 million in convertible debentures.
The new preferreds were issued to replace the company's existing convertible facility.
The series D preferreds are convertible into 4,333,333 common shares at $3.00 each.
Along with the preferreds, the investors received warrants for 4,333,333 shares, exercisable at $6.24 each.
Gunn Allen Financial was the placement agent.
As previously announced, Charys intends to redeem $4 million in outstanding 8% secured convertible debentures.
So far, the Charys has redeemed the principal and interest on the debentures due through May 19.
The debentures are held by Highgate House Fund, Ltd. and were originally issued on Nov. 17, 2005.
The debentures had been convertible into a total of 4 million common shares.
Based in Atlanta, Charys acquires companies in the integrated infrastructure services market.
| Issuer: | Charys Holding Co.
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| Issue: | Series D convertible preferreds
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| Amount: | $13 million
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| Conversion price: | $3.00
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| Conversion ratio: | Into 4,333,333 common shares
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| Warrants: | For 4,333,333 shares
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| Warrant strike price: | $6.24
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| Placement agent: | Gunn Allen Financial
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| Announcement date: | May 23
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| Stock symbol: | OTCBB: CHYS
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| Stock price: | $7.00 at close May 23
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