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.
Toho Tenax is introducing a high-tensile, highly shock-resistant prepreg that incorporates carbon fibre developed for aerospace applications and carbon nanotubes (CNTs).
NTPT is collaborating with the Ecole polytechnique fédérale de Lausanne - Swiss Centre of Technology (EPFL) and other partners to research discontinuous fibre composite tubes for high performance applications.
Hexcel is promoting its range of composite materials for skis, snowboards and other high performance winter sports equipment at ISPO Munich 2018 on 28-31 January.