By Sheri Kasprzak
Atlanta, June 2 - PSi Technologies Holdings Inc. said it has raised $7 million in a private placement of an exchangeable senior subordinated note.
The company sold the note to an affiliate of Merrill Lynch Global Emerging Market Partners LP, which is its majority shareholder.
The note matures in four years, bears interest at 10% annually and is exchangeable into common shares at $1.00 each.
The exchange price is subject to reduction if the company does not meet certain performance targets for the fourth quarter of 2005 and the first quarter of 2006.
Based in San Francisco, PSi provides assembly and test services for the semiconductor industry. The proceeds will be used to partially fund expenses related to the company's Power QFN Package and to repay debt to suppliers.
| Issuer: | PSi Technologies Holdings Inc.
|
| Issue: | Exchangeable senior subordinated note
|
| Amount: | $7 million
|
| Maturity: | Four years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Exchange price: | $1.00
|
| Warrants: | No
|
| Investor: | Merrill Lynch Global Emerging Market Partners LP
|
| Announcement date: | June 2
|
| Stock price: | $1.66 at close June 2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
