Deals

China Cord Blood in $50M Convertible Deal

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China Cord Blood Corp. (CO) announced that it has raised $50 million in a Convertible Senior

Unsecured Notes transaction with investor Golden Meditech Holdings Ltd. The fixed conversion price of the Convertible Senior Unsecured Notes is $2.838 per share, an approximate 6.29% premium to the market price ($2.67) of CO at Sept. 18 deal announcement. Cowen and Company acted as the Financial Advisor. Issuer counsel was Loeb & Loeb, and investor counsel was Kramer Levin Naftalis & Frankel.

Deals

Adept Technology Sells Convertible Debentures

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Adept Technology (ADEP) announced that it has raised $8 million in a Convertible Preferred Stock transaction. The fixed conversion price of the Convertible Preferred Stock is $4.60 per share, an approximate 9.52% premium to the market price ($4.20) of ADEP at deal announcement. The securities were purchased by affiliates of Hale Capital Partners, and Hale's CEO joined the company's board. The transaction is expected to close by September 15, 2012. See the PlacementTracker Deal Summary.

Deals

Northwest Biotherapeutics Places Convertible Note

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Northwest Biotherapeutics, Inc. (NWBO) raised $1.05 million when it placed a convertible promissory note with undisclosed investors. It was the twelfth PIPE for Northwest according to PlacementTracker data, which indicate the issuer has arranged financing through stock and debt placements as well as an equity line of credit. The Note matures 19 months after the issue date. Commencing seven months after the issuance of the Note, the Company is required to begin amortizing the Note, with monthly payments over the remaining 12 months of the term. It is the Company’s choice each month whether to make that month’s payment in cash or in common stock of the Company, as long as the Company does not default. If the Company elects to make any such monthly payment in stock, the conversion price for such payment will be at a 20% discount to the market price at the time of the conversion for that payment.

Deals

Saints Capital Invests $2M in Merisel

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Merisel, Inc. (MSEL) announced that it has raised $2 million in a Convertible Unsecured Note transaction. The fixed conversion price of the Convertible Unsecured Notes will be equal to the greater of $0.10 per share and a formula based on the Company's EBITDA, an approximate 72.6% discount to the market price ($0.37) of MSEL at deal announcement. The placement agent was not disclosed and the investor was Saints Capital VI, L.P.. The transaction is expected to close on August 21, 2012. See PlacementTracker Deal Summary.