Company sells 6.5% notes, convertible to Altor, Svenska Handelsbanken
By Devika Patel
Knoxville, Tenn., March 7 – Ampco-Pittsburgh Corp. raised $20 million in a private placement of convertible notes with Altor Fund II GP Ltd. and $25,710,013 in a private placement of subordinated promissory notes with Svenska Handelsbanken AB on March 3, according to an 8-K filed Monday with the Securities and Exchange Commission.
The convertible was issued to Altor, then immediately endorsed and transferred to Svenska, which converted the note into 1,776,604 common shares. The conversion price was determined at the daily volume-weighted average price of Ampco common stock on each of the 10 consecutive trading days preceding Dec. 2 and each of the 10 consecutive trading days after that date.
The 6.5% promissory note was issued to Svenska and then endorsed and transferred to Altor. It matures on March 3, 2019.
The Pittsburgh company produces forged and cast rolls for the steel and aluminum industries.
| Issuer: | Ampco-Pittsburgh Corp.
|
| Issue: | Convertible note, subordinated promissory note
|
| Amount: | $45,710,013
|
| Warrants: | No
|
| Investors: | Altor Fund II GP Ltd. and Svenska Handelsbanken AB
|
| Settlement date: | March 3
|
| Stock symbol: | NYSE: AP
|
| Stock price: | $12.70 at close March 2
|
| Market capitalization: | $130.6 million
|
|
|
| Convertible
|
| Amount: | $20 million
|
| Conversion ratio: | Into 1,776,604 shares
|
|
|
| Promissory note
|
| Amount: | $25,710,013
|
| Maturity: | March 3, 2019
|
| Coupon: | 6.5%
|
|
|
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