NewLead (NEWL) Announces Conversion of ~$217M Debt to Equity
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NewLead Holdings Ltd. (NASDAQ: NEWL) today announced that Cyprus Popular Bank Public Co. Ltd. agreed with NewLead to the conversion of $217,250,000 associated with the aggregate principal amount of 7% Convertible Senior Notes due 2015. The Notes are held by Focus Maritime Corp., a company controlled by Michael Zolotas, the President and Chief Executive Officer of NewLead. Under the terms of the conversion, the Notes held by Focus will be converted into 264,939,024 shares of NewLead's common stock. Once issued, NewLead will have a total of 284,868,787 shares of common stock outstanding.
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