By Sheri Kasprzak
Atlanta, March 29 - Lexar Media Inc. said it has received $60 million in a private placement of senior convertible notes.
The notes were sold to two institutional investors.
The notes bear interest at 5.625%, mature April 1, 2010 and are convertible into common shares at $6.68 each.
The investors have the option to buy up to $10 million in additional principal of the notes at the same price on or before the 60th day after closing.
Based in Fremont, Calif., Lexar develops digital media and accessories for digital photography and consumer electronics. It plans to use the proceeds for working capital, including the repayment of debt, and for general corporate purposes.
Issuer: | Lexar Media Inc.
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Issue: | Senior convertible notes
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Amount: | $60 million
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Maturity: | April 1, 2010
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Coupon: | 5.625%
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Price: | Par
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Yield: | 5.625%
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Conversion price: | $6.68
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Warrants: | No
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Announcement date: | March 29
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Settlement date: | March 30
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Stock price: | $5.14 at close March 29
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