Business News • MarketWire • Airspan to Issue New Preferred Stock for Convertible Notes and Cash |
Airspan to Issue New Preferred Stock for Convertible Notes and Cash |
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Airspan to Issue New Preferred Stock for Convertible Notes and Cash
BOCA RATON, FL--(Marketwired - Feb 17, 2014) - Airspan Networks Inc., a leading provider of broadband wireless access networks, today announced that it has entered into an agreement with its controlling stockholder, Oak Investment Partners XI, Limited Partnership ("Oak"), pursuant to which it will exchange Subordinated Convertible Promissory Notes held by Oak for new shares of convertible participating Series D Preferred Stock. The exchange transaction will decrease Airspan's total indebtedness by approximately $28.9 million and is currently expected to close in the first quarter of 2014. Following the transaction, Oak will beneficially own 83.6% of the voting power of Airspan's capital stock assuming conversion of all outstanding shares of Preferred Stock and no exercise of outstanding options. This compares with the 76.2% voting power of Oak prior to the transaction computed on the same basis.
View More : http://www.marketwired.com/mw/release.do?id=1879504&sourceType=3
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