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news.Minrad International has entered into agreements to issue and sell an aggregate of $40 million of senior secured convertible notes with a group of institutional accredited investors in a private placement.
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The notes pay an 8% coupon, have a three year maturity and a conversion price of $2.65 a share. The aggregate net proceeds of the notes, after deducting the placement agents’ fees and estimated offering expenses payable by the company, are expected to be approximately $36.7 million.
The company plans to use the net proceeds of the financing to retire its obligations under its current $15 million senior notes with Laminar Direct Capital and for working capital and general corporate purposes.