Electronic Cigarettes International Group, Ltd. (ECIG), a global marketer and distributor of electronic cigarette and vapor products, today announced that it has issued approximately $41 million in non-convertible 36 month senior secured term loans to strategic business partners and long-term financial investors. The Company has also repurchased and retired the remaining convertible subordinated notes, and fixed the conversion price of the remaining notes.
The 36-month term loan strengthens the Company’s balance sheet and provides additional financial flexibility, as amortization of principal does not begin until October 2016.
“This new capital allows us to eliminate the toxic, discount convertible notes from our balance sheet, affixes our capital structure and provides the working capital necessary to fund our growth,” said Dan O’Neill, Chairman and Chief Executive Officer of the Company. “I know our shareholders have been upset, as the stock has fallen while we have been busy working diligently to eliminate our non-strategic, short-term opportunistic debt holders. This process has taken longer than we originally thought. I’m happy to say that we now have a great group of supportive investors, who recognize the opportunity of this market. We can now go forward with their support, committed to a plan of controlled profitable growth and increasing shareholder value.”
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