The common shares are not registered under the US securities laws and must be held for at least six months before they can be sold.
In January 2017, approximately $3.6m of the subordinated debt will automatically be exchanged for approximately 14,400 shares of Glacier Water’s Trust Preferred Securities, and the remaining $8.9m of the subordinated debt will become redeemable thereafter by its holders for cash.
The proceeds from this sale are being used to repay bank debt, including $10m of term debt already repaid, and $10m of revolving debt, which revolving facility will remain available for future use.
Glacier Water’s common stock and Trust Preferred Securities are traded in the Pink Sheets under the symbols GWSV pk and GWSVP pk.
Source: Glacier Water
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