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| IFMI > SEC Filings for IFMI > Form 8-K on 18-May-2012 | All Recent SEC Filings |
18-May-2012
Triggering Events That Accelerate or Increase a Direct Fina
Pursuant to the indenture (the "Indenture"), dated as of May 15, 2007, by and between Institutional Financial Markets, Inc. (formerly Alesco Financial Inc.) (the "Company") and U.S. Bank National Association, as trustee, the holders of the Company's 7.625% Contingent Convertible Senior Notes due 2027 (the "Notes") may require the Company to repurchase all or a portion of their Notes for cash on May 15, 2012, May 15, 2017 and May 15, 2022, for a repurchase price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest and additional interest, if any, to, but excluding, the repurchase date. Under the Indenture, the holders of the Notes are required to provide notice to the Company of their plan to redeem the Notes at any time during the 30 days prior to May 15, 2012, May 15, 2017, and May 15, 2022.
The holders of 99% of the Notes exercised the option to require the Company to repurchase their Notes on May 15, 2012. The option expired at the close of business on May 14, 2012. The aggregate repurchase price of $10,110,000 was paid on May 15, 2012, in cash, and was funded with borrowings under the Senior Promissory Note and Security Agreement, dated as of May 2, 2012, by and among IFMI and PrinceRidge Holdings LP, a subsidiary of the Company, and from cash on hand.
As of the close of business on May 14, 2012, the aggregate principal amount of the Notes outstanding was $10,210,000. Following the Company's repurchase of the Notes on May 15, 2012 and as of the date hereof, the aggregate principal amount of the Notes outstanding is $100,000 (the "Outstanding Notes"). Under the Indenture, the Company may redeem the Notes for cash in whole, or from time to time in part at any time on or after May 20, 2012, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest. Following May 20, 2012, the Company intends to redeem all of the Outstanding Notes.
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