Pulse Electronics (thinly traded) announces convertible note exchange transactions; increases size of Board to 9 members
1:34 PM ET 2/21/14 | Briefing.com
Co announced it has reached agreements with the holders of approximately $20.7 million of the company's $22.3 million outstanding 7% convertible senior notes due 2014 to exchange their notes for various combinations of the company's existing Term B Loan, newly issued common stock, and cash. The exchange transactions will reduce the company's outstanding debt and the amount of cash required for debt service and will extend the maturity of the exchanged debt beyond 2014, allowing the company to further focus on its long term strategy and the execution of its business plans. The company has also reached agreement with certain affiliates of investment funds managed by Oaktree Capital Management L.P., to convert all its holdings of the company's Series A preferred stock to common stock immediately in connection with the closing of the exchange transactions.
In relation to Oaktree's increased common stock ownership, the company agreed to increase the size of its board of directors from seven to nine members and to appoint three Oaktree designees to the board upon closing of the transactions.
![](//24.media.tumblr.com/tumblr_lwu656a4g21r667keo1_500.jpg)