Company Raises Funds to Repay Bank Debt
Friday, February 3, 2012Glacier Water Services Inc. said it raised $20 million through the sale of common stock and subordinated debt.
The Vista-based company, whose stock trades on the Pink Sheets exchange under the ticker GWSV.PK, said it sold 500,000 shares of common stock for $10 million, and received $10 million from the sale of $12.5 million in principal of subordinated debt due in 2028.
In January 2017, $3.6 million of the subordinated debt will be exchanged for about 14,400 shares of Glacier’s trust preferred securities, and the remaining $8.9 million in debt becomes redeemable in cash.
The proceeds of the sale are being used to repay bank debt, both term and revolving debt, the company said.
— Mike Allen
