Conceptus (NSDQ:CPTS) swapped out $50 million worth of 2.25% senior notes due 2027 from a select group of holders, exchanging them for 5% notes due 2031, regulatory filings show.
The principal amount on the new notes was an even swap for the originals, which was determined in individual negotiations between Conceptus and the holders.
The subscription agreement follows the sudden swap of former CEO Mark Sieczkarek and promotion of Keith Grossman to president upon lowering of 2012 guidance for the Mountain View, Calif.-based contraceptive devices maker.
Early in December Conceptus also announced that it canceled its $50 million revolving credit line with Wells Fargo Bank citing uncertainty about being able to meet "certain financial covenants."
Later in the month the company revealed that it entered into an Indenture with Wells Fargo as a trustee in connection with the note exchange.
The new notes are convertible into cash, shares of common stock or a combination of the two, according to filings.
Here’s a roundup of other dealflow and investment news:
Clear Catheter Systems closes first round of funding with $4 million
Clear Catheter Systems Inc., developer of medical devices used in post-surgical recovery, closed its first institutional round of financing. The $4 million round was co-led by Aphelion Capital and California Technology Ventures.
Lucid closes $5.3 million funding round
Lucid Inc. (OTCBB: LCDCU) closed its public offering of 1,388,000 units, with each unit consisting of one share of common stock and one warrant to purchase one share of common stock. Net proceeds were approximately $5.30 million, after deducting the underwriting discount and corporate finance fee, but before taking into account estimated offering expenses. Read more
iCad touts $15 million debt facility
iCad Inc. (NSDQ: ICAD), provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer, entered into a 5 year, $15 million debt facility agreement with Deerfield Management Company LP. Read more
ProUroCare borrows $80,000
ProUroCare Medical Inc. borrowed $40,000 from each of Larry Musich and Alisa Piazza pursuant to promissory notes. The unsecured promissory notes bear interest at 10% per annum and mature on March 22, 2012. In addition, pursuant to the terms of the Piazza note, the company issued to the lender a five-year warrant to purchase 17,500 shares of the company’s common stock at $1.30 per share.