11 February 2005
11 February 2005
Zoltek Companies Inc. has entered into an agreement for a new $20 million convertible debenture financing package in a private placement with a group of institutional investors.
The borrowings mature in August 2008, with the company anticipating the financing to be completed by the end of the week.
The debentures are convertible into Zoltek common stock at a conversion price of $20 per share. In connection with the financing, Zoltek also agreed to issue to the investors four-year warrants to purchase 457,143 shares of Zoltek stock at an exercise price of $17.50 per share.
Zoltek will use approximately $6 million of the proceeds to pay down existing high-interest mortgage debt. The remaining net proceeds, estimated to be approximately $13 million, will be utilized to support Zoltek's previously announced expansion plans, including the construction and start-up of two new carbon fibre production lines at Zoltek's facilities in Hungary and the addition of new capacity at that plant for making acrylic precursor raw material used in the production of carbon fibre.
Cobra International will showcase a range of composite products at CAMX 2018, including carbon fibre components for the automotive, transportation, marine, water sports and luxury sectors.
Cobra International is celebrating its 40th year and has commissioned a book that will look at 40 key projects and 40 key people that were integral to the company’s growth. ‘Klaus Simmer and The King Cobra: A breakthrough in surfboard design and production technology’ is an extract article from this book and a breakthrough composites product for Cobra, establishing its presence as a manufacturer of high performance windsurf boards and creating global visibility for the Cobra brand.