Investor DBD also receives shares, five-year warrants in offering
By Devika Patel
Knoxville, Tenn., Feb. 3 – Marathon Patent Group, Inc. completed a $15 million private placement of senior secured notes with DBD Credit Funding, LLC on Jan. 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes, which mature on July 29, 2018, carry a coupon equal to Libor plus 975 basis points.
DBD also received 134,409 common shares as well as warrants for 100,000 shares. Each of the warrants is exercisable at $7.44 for five years. The strike price is identical to the Jan. 28 closing price.
Marathon is an intellectual property consulting company based in Los Angeles.
| Issuer: | Marathon Patent Group, Inc.
|
| Issue: | Senior secured notes, 134,409 shares
|
| Amount: | $15 million
|
| Maturity: | July 29, 2018
|
| Coupon: | Libor plus 975 bps
|
| Warrants: | For 100,000 shares
|
| Warrant expiration: | Jan. 29, 2020
|
| Warrant strike price: | $7.44
|
| Investor: | DBD Credit Funding, LLC
|
| Settlement date: | Jan. 29
|
| Stock symbol: | Nasdaq: MARA
|
| Stock price: | $7.44 at close Jan. 28
|
| Market capitalization: | $96.82 million
|
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