Kamtech has completed a huge fundraiser, when will they be able to redeem it?

by time news

Rafi Amit (Raanan Photo)

CamTech announced today (Monday) that it has completed the raising of convertible bonds, for institutional investors, in the amount of $ 175 million and at an interest rate of 0%. To $ 175 million.

In addition, CamTech provided the first buyers with the option to purchase additional bonds in the amount of $ 25 million. The option will be granted for a period of 13 days from the date of the initial issuance of the bonds. The bonds will not bear interest, and the amount of bonds issued will not be expanded. The bonds will mature on December 1, 2026, unless repurchased, redeemed, or converted, in accordance with their terms, prior to that date.

The bonds will be converted on the basis of a conversion of 17.1092 ordinary shares to $ 1,000 in bonds, equal to an initial conversion price of approximately $ 58.45 for one ordinary share, which reflects a premium of approximately 30% on the price of ordinary shares of Kamtech on the Nasdaq Stock Exchange per day. November 18, 2021. The conversion ratio is subject to adjustments if certain events occur.

Prior to the close of trading close to August 1, 2026, it will be possible to convert the bonds according to the holders’ choice only in the event of certain events, the fulfillment of certain conditions and during certain periods. Repayment, the holders will be able to convert all or part of their debentures at any time regardless of the above conditions.The debentures will be convertible into cash, ordinary shares of Kamtek or a combination thereof, at the decision of Kamtek.

CamTech is not entitled to redeem the debentures before December 6, 2024, except in the case of certain changes in the tax law. On or after December 6, 2024, CamTech may at any time, and from time to time, cash all or part of the debentures in cash (subject to a certain limit of partial redemption), at CamTech’s option, if the last reported sale price of CamTech’s ordinary shares is at least 130% of the conversion price, valid for at least 20 trading days (consecutive or not) until the end of a period of 30 consecutive trading days (including the last trading day in this period), which includes the trading day prior to the date of redemption notice by Kamtech, and a redemption price equal to 100% of the principal amount of the redeemed bonds, plus special interest accrued and unpaid (if any), but excluding the redemption date.

Bondholders will have the right to demand from Camtech to repurchase all or part of the bonds with a material change occurring (as defined in the agreement regulating the terms of the bonds) at a repurchase price in cash equal to 100% of the principal amount of the bonds they will purchase, plus Any special interest accrued and unpaid (if any) but does not include the date of repurchase of the material change.

Camtech intends to use the proceeds of the offering for general corporate purposes, including, but not limited to, potential acquisitions, working capital, capital expenditures, investments, research and development, and product development. Camtech has not set the net consideration amount to be used for the stated purposes and has no agreements or understandings regarding any acquisition or investment at this stage. The debentures were offered to investors who were defined as eligible investors in accordance with Regulation 144A of the U.S. Securities Act. State Securities Act or the Securities Act of any other jurisdiction.

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