Mesoblast Limited (MESO,MSB.AX) announced that it has entered into convertible note subscription agreements with SurgCenter principals and existing Mesoblast shareholders, Gregory George and William Gueck, to issue up to US$50.0 million (A$76.8 million) of unsecured convertible notes.
The funding is available at Mesoblast's discretion to repay or reduce amounts owed to its secured lenders under existing loan agreements, and to support general working capital needs.
Mesoblast may issue up to US$50 million of unsecured convertible notes in tranches of US$10 million to the Investors. The maturity date of the convertible notes will be 5 years after the first issuance of notes.
At any time up to the maturity date, the Investors may elect to convert the notes issued into fully paid ordinary shares or ADRs of Mesoblast at the conversion price of US$16.25 per ADR (American Depositary Receipt) equivalent to A$2.501 per ASX-listed share, representing 126% of Mesoblasts last closing price on Nasdaq and a 29% premium to the last closing price on the ASX.
The convertible notes have a coupon of 5% per annum on the face value of issued notes.
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