By Devika Patel
Knoxville, Tenn., March 8 - Genta Inc. said it plans a private placement of convertible notes for $25 million.
The 12% note is due in three years. It is initially convertible into common stock at a rate of 100,000 shares per $1,000 in notes.
The investors also will receive warrants for up to $10 million of additional convertible notes. These warrants expire in the fall of 2011.
Settlement is expected March 10.
Based in Berkeley Heights, N.J., Genta is a biopharmaceutical company focused on treatments for cancer.
| Issuer: | Genta Inc.
|
| Issue: | Convertible notes
|
| Amount: | $25 million
|
| Maturity: | Three years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion ratio: | 100,000 shares per $1,000 note
|
| Warrants: | For up to $10 million of additional convertible notes
|
| Warrant expiration: | 2011
|
| Pricing date: | March 8
|
| Settlement date: | March 10
|
| Stock symbol: | OTCBB: GNTA
|
| Stock price: | $0.0093 at close March 5
|
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