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CWBC > SEC Filings for CWBC > Form 8-K on 9-Jul-2013All Recent SEC Filings

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Other Events

Item 8.01. Other Events.

Convertible Subordinated Debentures - On August 9, 2010, the Company completed an offering of $8,085,000 convertible subordinated debentures (Debentures). The Debentures are a general unsecured obligation and are subordinated in right of payment to all present and future senior indebtedness. The Debentures pay interest at 9% until conversion, redemption or maturity and will mature on August 9, 2020. The Debentures may be redeemed by the Company after January 1, 2014. Prior to maturity or redemption, the Debentures were convertible into common stock at the election of the holder at $3.50 per share if converted on or prior to July 1, 2013 and, subsequently, at $4.50 per share between July 2, 2013 and July 1, 2016 and $6.00 per share from July 2, 2016 until maturity or redemption.

On or before June 30, 2013, $6,418,000 of the Debentures was converted into common stock, leaving a Debenture balance of $1,667,000 as of June 30, 2013.
Common shares outstanding were 7,800,155 as of June 30, 2013.

On July 1, 2013, an additional $222,000 of the Debentures was converted into common stock, leaving a Debenture balance of $1,445,000 as of July 1, 2013.
Common shares outstanding were 7,864,385 as of July 8, 2013.

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