Deals

Digital Domain Media Group Raises $5M

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Digital Domain Media Group (DDMG) announced that it has raised $5 million in a Convertible Senior Secured Notes transaction which is subject to monthly installment payments on the principal amount. The fixed conversion price of the Convertible Senior Secured Notes is $6.00 per share, an approximate 40.19% premium to the market price ($4.28) of DDMG at deal announcement. A series of 250,000 60-Month Warrants with an exercise price of $6.00 per share (40.19% premium) was issued to the investors in this transaction. The investor was Palm Beach Capital and the transaction was completed without an agent. Investor counsel was Greenberg Traurig, LLP.

Deals

Talon Therapeutics in Discount Convertible Deal

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Talon Therapeutics (TLON) announced that it has raised $6 million in a Convertible Preferred Stock transaction. The fixed conversion price of the Convertible Preferred Stock is $0.35 per share, an approximate 61.54% discount to the market price ($0.91) of Talon at deal announcement. The Placement Agent was not disclosed, and the investors were Deerfield Management and Warburg Pincus. This Placement is the result of a Call Option exercised by the investors in a previous deal. See PlacementTracker Deal Summary.

Deals

Vantage Drilling Raises $50 Million in Convertible Offering

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On August 14, 2012, Vantage Drilling Company (VTG) announced that it has raised $50,000,000 in an Underwritten Registered Direct Convertible Notes transaction. The fixed conversion price of the Convertible Notes is $2.10 per share, an approximate 23.53% premium to the market price ($1.70) of VTG at deal announcement. Lazard acted as the exclusive agent on the transaction. Placement Agent counsel was Vinson & Elkins, LLP, and the issuer counsels were Fulbright & Jaworski and Maples & Calder. The transaction is expected to close by 08/21/2012. A total of $56,500,000 was originally sold in this Placement, $6,500,000 of which was funded through the conversion of outstanding debt.