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Joe's Jeans Inc. Message Board

  • phprot phprot Jul 17, 2013 12:01 AM Flag

    10% interst on the new deal 1.78 convertible bonds...wow

    why is the interest on this new deal so high 10% they just spent $10 million to buy out Joe now 10% interest on the purchase deal with strike price of $1.78 my targets just went in the the toilet what a shame.....

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    • when I heard the terms of this deal...10% interest and these predatory convertible bonds....I've seen this movie before....and my jaw dropped.....they are getting used big time by the wall street sharks....

    • The convertible notes in principal amount of approximately $24.1 million, subject to adjustment for the purchase price, to be issued to Hudson’s management stockholders will be structurally and contractually subordinated to Joe’s Jeans’ existing senior debt, have a term of six years, would accrue cash interest paid quarterly on the outstanding principal amount at an annual rate of 10% per annum, and will be convertible by each of the holders beginning two years after the closing of the acquisition and ending 6 years after the closing, into shares of our common stock or cash, in certain circumstances, at Joe’s Jeans’ election. The $10 million, subject to adjustment for the purchase price, in principal amount of convertible notes to be issued to Hudson’s institutional investor stockholder will be structurally and contractually subordinated to Joe’s Jeans’ existing senior debt, have a term of six years, would accrue cash interest paid quarterly on the outstanding principal amount at an annual rate of 6.50% per annum, and will be convertible by the holder beginning one year after the closing of the acquisition and ending six years after the closing, into shares of our common stock or cash, in certain circumstances, at Joe’s Jeans’ election. The convertible notes would be convertible, in whole but not in part, at a conversion price of $1.78, subject to certain adjustments that are typical for convertible notes of this type, into approximately 19.1 million shares of common stock, subject to receipt of Joe’s Jeans stockholder approval to increase the number of authorized shares, if necessary, and to comply with NASD rules. Joe’s Jeans contemplates seeking shareholder approval promptly after the closing of the transaction. Prior to receipt of such stockholder approval, the conversion rights will be limited to approximately 13.5 million shares. If Joe’s Jeans elects to pay cash with respect to a conversion of the convertible notes, the amount of cash to be paid per share.

 
JOEZ
1.050.00(0.00%)Aug 27 4:00 PMEDT

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