To facilitate the company's compliance with Nasdaq's requirements, the holders of the Series C and E convertible preferred stock consented to having the first USD3.8m of net proceeds go to working capital of the company before redemption of such preferred stock in consideration for a reduction in the exercise price of the July 2016 warrants to USD1.43 and the May 2016 warrants to USD1.86 and a 15% increase in the
redemption premium of the Series E convertible preferred stock if not redeemed on or before 25 January 2017.
In a BSE filing, Suzlon said: "It has been successfully repaid in cash, FCCBs worth USD 28.8 million in principal amount along with the applicable 8.7 percent
redemption premium".
This is comprised of the CAN 25.00 per share original issue price plus a CAN 1.00 per share
redemption premium.
Carriage Services said its intention remains to use these proceeds to refinance an existing Revolving Credit, redeem its existing 7.875% senior notes, pay the associated
redemption premium, pay other transaction related fees and expenses, and provide for future corporate needs.
The option price reflects the aggregate of the nominal amount of the REBs, their
redemption premium and coupon payments, and all other outstanding amounts.
According to the company, it intends to use the net proceeds from the facility, which is anticipated to be approximately USD530m after the original issue discount, fees and expenses, to redeem all of the USD500m of outstanding 8.25% senior notes due 2017 and to pay the associated
redemption premium and accrued and unpaid interest.
Net proceeds of the credit facility are expected to be about USD530m after the original issue discount, fees and expenses, which will be used to redeem all of the USD500m outstanding 8.25% senior notes due 2017 and to pay the related
redemption premium and accrued and unpaid interest.