InterCloud Eliminates over $7.2 Million of Subordinate Convertible Debt and accrued interest in Debt to Equity Exchange
INTERCLOUD SYSTEMS (ICLD)
US:NASDAQ Investor Relations:
intercloudsys.com
Company Research
Source: GlobeNewswire
SHREWSBURY, N.J., Oct. 17, 2017 (GLOBE NEWSWIRE) -- InterCloud Systems, Inc. (OTC:ICLD) (“InterCloud” or "Company") announced today that it entered into an Exchange Agreement (the "Agreement") with the holder of certain term notes issued by the Company, exchanging the debt for preferred equity. Pursuant to the Agreement with our former president, the Company exchanged over $5.4 million of Convertible Debt and eliminated over $1.8 million of accrued interest in exchange for approximately $2.3 million of Preferred Equity. The Preferred Equity may be exchanged for Common Stock over a five (5) year period. The Company is also negotiating with other convertible noteholders to exchange their debt into preferred equity. The effect of the Agreement is to eliminate all debt service and interest accrual on the debt and create $2.3 Million of new Shareholder Equity in the process. The Exchange immediately increased the Company’s common book value per share. Full details of the impact
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