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ILI > SEC Filings for ILI > Form 8-K on 4-Jun-2009All Recent SEC Filings

Show all filings for INTERLEUKIN GENETICS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for INTERLEUKIN GENETICS INC


4-Jun-2009

Creation of a Direct Financial Obligation or an Obligation under an Off-


ITEM 2.03 Creation of a Direct Financial Obligation.

On May 29, 2009, Interleukin Genetics, Inc. ("we", "our", "us") elected to draw down $1.0 million under our existing convertible credit facility (described below) with Pyxis Innovations Inc. ("Pyxis"), an affiliate of Alticor Inc., and issued a convertible promissory note to Pyxis in that amount. The principal amount of the note is due and payable on August 16, 2011. The note bears interest at a variable rate equal to the "prime rate" and the interest is payable quarterly. Prior to the maturity date, any portion or the entire outstanding principal and any accrued but unpaid interest under the note is convertible at Pyxis's election into shares of our common stock at a price of $5.6783 per share.

We originally entered into the credit facility pursuant to a note purchase agreement on October 23, 2002, which was subsequently amended on November 13, 2002, January 28, 2003, March 5, 2003, February 23, 2006, August 17, 2006, August 12, 2008 and March 11, 2009. Under the note purchase agreement, as amended, Pyxis extended us a credit facility in the amount of $14.3 million. In June 2008, we drew down $4.0 million and on May 29, 2009, we drew down $1.0 million, leaving $9.3 million available to us under the credit facility. We may borrow under the credit facility until March 31, 2010. All such borrowing becomes due on August 16, 2011 and is convertible into shares of common stock at a conversion price equal to $5.6783 per share.


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