Cyalume, Maker of Lights for Military, Police, Raises $8.5M
Posted July 29, 2010
5:00PM PST
Cyalume Technologies Holdings, a producer of chemical lights for use by militaries, police and fire departments, raised $8.5 million in a private placement of convertible notes and warrants.
West Springfield, Mass.-based Cyalume issued notes that will pay interest of 11% per year, and will be convertible into common stock at $3.1875 per share. The conversion price reflects a premium of 5.9% over Cyalume shares' closing price today.
Investors also received five-year warrants to purchase 160,000 shares for $2 each.
Cyalume said it plans to use the proceeds to reduce debt held by TD Bank N.A.
Source: PrivateRaise
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