Ameritrans Capital Corporation Announces Completion of $975,000 Debt Financing
26 Mars 2010 - 6:57PM
Business Wire
Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP) announced
today the completion of a private placement debt financing for the
Company. The financing consists of $975,000 8.75-percent (8.75%)
notes due in March 2012. At the Company's option, the notes may be
extended until March 2013 at a rate of 5.5%, plus the then current
Prime Rate. The notes pay interest quarterly and are redeemable by
the Company at any time upon not less than thirty days' prior
written notice to the holder. The notes were sold at par resulting
in aggregate gross proceeds of approximately $975,000. Mr. Steven
Etra, a member of the Company's Board, and certain entities
affiliated with Mr. Etra, participated in the offering.
The two-year Notes issued in the offering are on substantially
similar terms to those issued in the Company’s December 2009 debt
offering. A total of $3 million was raised in the two
offerings.
"We are pleased to complete this private placement of Notes. The
proceeds from the note issuance will be used for general working
capital and investment opportunities." commented Michael Feinsod,
Ameritrans Capital Corporation's chief executive officer and
president.
The notes are not convertible and have not been registered under
the U.S. Securities Act of 1933, as amended, and may not be offered
or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities
Act.
About Ameritrans
Ameritrans Capital Corporation is an internally managed,
closed-end investment company that has elected to be regulated as a
business development company (BDC) under the Investment Company Act
of 1940, as amended. Ameritrans originates, structures and manages
a portfolio of secured business loans and selected equity
securities. Ameritrans' wholly owned subsidiary Elk Associates
Funding Corporation was licensed by the United States Small
Business Administration as a Small Business Investment Company
(SBIC) in 1980.
This announcement contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
presently anticipated or projected. Ameritrans Capital Corporation
cautions investors not to place undue reliance on forward-looking
statements, which speak only as to management's expectations on
this date.
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