By Sheri Kasprzak
Atlanta, Feb. 8 - New Horizons Worldwide Inc. said it has closed a private placement for $6 million.
The company sold 1.6 million convertible preferred shares to Camden Partners Holdings LLC at $3.75 each.
The preferreds pay annual dividends of 6% and are convertible into common shares at $3.75 each.
Following the offering, Camden Partners now owns 13% of New Horizons and David Warnock, partner and co-founder of Camden, has been appointed to New Horizon's board of directors.
The company also reached an agreement with Wells Fargo to extend the maturity on its $3.5 million term note until Aug. 15, 2005.
New Horizons is an Anaheim, Calif.-based internet training company.
| Issuer: | New Horizons Worldwide Inc.
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| Issue: | Convertible preferred stock
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| Amount: | $6 million
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| Shares: | 1.6 million
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| Price: | $3.75
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| Dividend: | 6%
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| Conversion price: | $3.75
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| Warrants: | No
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| Investor: | Camden Partners Holdings LLC
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| Settlement date: | Feb. 8
|
| Stock price: | $4.621 at close Feb. 8
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