Caliber secures option to retire USD 9.1 million corporate notes at discount for USD 7.3 million cash
CWD•Debt refinance and note conversion details
Caliber completed a refinance covering about USD 3.4 million of corporate promissory notes.
- About USD 2.9 million was exchanged into new five-year amortizing notes at 6%, down from a roughly 11.5% weighted average rate.
- Another USD 0.6 million of note principal converted into Series AAA Convertible Preferred Stock, a perpetual instrument with a 12% non-cumulative dividend.
- Holders of about USD 9.1 million of notes granted a six-month option to retire the notes for about USD 7.3 million cash.
- Interest continues on the full principal during the option period; full exercise would cut annual interest expense by about USD 1.3 million.
