By Devika Patel
Knoxville, Tenn., March 20 - Noble International, Ltd. said in an 8-K filed Thursday with the Securities and Exchange Commission that it has secured a $50 million 6% convertible subordinated loan from ArcelorMittal SA.
The loan is secured by a convertible loan note, which matures on March 20, 2013 and may be converted, in whole or in part, into common shares at an initial conversion price of $15.75 per share, which will adjust on reset dates of June 30, Sept. 30, Dec. 31 and March 31, 2009.
Noble is a Warren, Mich.-based supplier of automotive parts, component assemblies and value-added services to the automotive industry.
| Issuer: | Noble International, Ltd.
|
| Issue: | Loan convertible into common shares
|
| Amount: | $50 million
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $15.75
|
| Warrants: | No
|
| Investor: | ArcelorMittal SA
|
| Settlement date: | March 20
|
| Stock symbol: | Nasdaq: NOBL
|
| Stock price: | $6.90 at close March 20
|
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