Multiband (MBND) Amends Debt Agreements w/ MDUC
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Multiband Corporation, (Nasdaq: MBND) has extended the maturity dates of the debt agreements with its secured lenders and has reached an agreement in principal with MDU Communications International, Inc. ("MDUC") to revise certain terms of the definitive agreement covering Multiband's acquisition of MDUC.
Under the terms of the amended debt agreements, Multiband will make certain principal and interest payments until January 2014, the details of which can be found in its Form 8-K filed with the Securities and Exchange Commission on January 7, 2013. The debt may be prepaid without penalty.
In addition, Multiband has revised certain terms of its agreement to acquire 100% of the outstanding stock of MDUC. The revised terms of the agreement provide that Multiband will issue redeemable convertible preferred stock in exchange for MDUC's common stock. The preferred stock would carry a dividend coupon of 6.25% and would convert to common stock under certain conditions at $4 per share. The agreement, which will require approval by a majority of MDUC's shareholders as well as their lenders, has been extended to expire February 28, 2013.
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Under the terms of the amended debt agreements, Multiband will make certain principal and interest payments until January 2014, the details of which can be found in its Form 8-K filed with the Securities and Exchange Commission on January 7, 2013. The debt may be prepaid without penalty.
In addition, Multiband has revised certain terms of its agreement to acquire 100% of the outstanding stock of MDUC. The revised terms of the agreement provide that Multiband will issue redeemable convertible preferred stock in exchange for MDUC's common stock. The preferred stock would carry a dividend coupon of 6.25% and would convert to common stock under certain conditions at $4 per share. The agreement, which will require approval by a majority of MDUC's shareholders as well as their lenders, has been extended to expire February 28, 2013.
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