By Sheri Kasprzak
New York, Oct. 9 - Cash Systems, Inc. is gearing up to settle a $20 million private placement of 6.5% senior secured convertible notes.
The notes are convertible into common shares at $8.00 each. The maturity of the notes could not be determined Monday.
The investors will receive warrants for 312,500 shares, exercisable at $8.00 each.
Deutsche Bank Securities Inc. is the placement agent for the offering, which is scheduled to wrap up Tuesday.
Proceeds will be used to repay bank debt. The remainder will be used for working capital.
Based in Burnsville, Minn., Cash Systems provides automated teller machines.
| Issuer: | Cash Systems, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $20 million
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion price: | $8.00
|
| Warrants: | For 312,500 shares
|
| Warrant strike price: | $8.00
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Announcement date: | Oct. 9
|
| Settlement date: | Oct. 10
|
| Stock symbol: | Nasdaq: CKNN
|
| Stock price: | $6.59 at close Oct. 6
|
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