Egalet inks deal with investors to extend maturity of convertible debt in exchange for higher interest rate and warrants to buy 3.5M shares of stock; shares down 6% [Seeking Alpha]
EGALET CORP COMMON (EGLT)
Last egalet corp common earnings: 8/8 06:02 am
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Source: Seeking Alpha
Egalet inks deal with investors to extend maturity of convertible debt in exchange for higher interest rate and warrants to buy 3.5M shares of stock; shares down 6%Aimed at reducing its debt burden and cutting interest expenses, Egalet (EGLT-6%) inksexchange agreements with holders of its outstanding 5.50% senior convertible notes due April 1, 2020.Under terms of the contracts, the total principal amount outstanding will be reduced to $48.5M from $61.0M, including the issuance of $23.9M of new 6.5% convertible notes due December 31, 2024. The initialconversion rate is 749.6252 shares per $1,000 principal amount (~$1.33/share).The company will issue a warrant to purchase 3.5M common shares in exchange for $36.4M principal amount of the 5.50% notes. The exercise price of the warrant is not provided.Egalet says its annual interest payments will be reduced by ~$450K.See all stocks on the move »
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