By Sheri Kasprzak
Atlanta, March 1 - NationsHealth Inc. said it has wrapped a private placement of convertible promissory notes for $15 million.
The notes were sold to MHR Capital Partners LP.
The seven-year notes bear interest at 7.75% annually and are convertible into common shares at $6.56 each.
In connection with the private placement, NationsHealth's major shareholders transferred 1,785,714 shares from their personal holdings to MHR.
Based in Sunrise, Fla., NationsHealth provides medical products and prescription discount services. The proceeds from the private placement will be used to expand the company's current business lines and to provide the company with capital to support new initiatives.
| Issuer: | NationsHealth Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $15 million
|
| Maturity: | Seven years
|
| Coupon: | 7.75%
|
| Price: | Par
|
| Yield: | 7.75%
|
| Conversion price: | $6.56
|
| Warrants: | No
|
| Investors: | MHR Capital Partners LP
|
| Settlement date: | March 1
|
| Stock price: | $5.55 at close March 1
|
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