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Article: ArthroCare Closes $75 Million Financing.
- Article from:
- Investment Weekly News
- Article date:
- September 19, 2009
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ArthroCare Corp. (Pink Sheets: ARTC) announced that it has closed its previously announced financing with One Equity Partners (OEP), the global private equity investment arm of JPMorgan Chase & Co.
In connection with the financing, OEP has purchased $75 million of newly-issued ArthroCare Series A Convertible Preferred Stock, which will be convertible into shares of ArthroCare common stock at $15.00 per share, a premium over the closing price of the Company's common stock on August 14, 2009 and the 30-day trading average. Cumulative dividends on the ArthroCare preferred stock will be payable-in-kind at an annual rate of 3.0% for five years after the preferred stock ...