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B. Riley & Co. Completes $12MM Debt Financing for Sequans

April 30, 2015, 07:19 AM
Filed Under: Manufacturing
Related: B. Riley & Co.

B. Riley & Co. has completed a $12 million convertible note financing for Sequans Communications S.A., acting as exclusive financial advisor in the transaction. Sequans intends to use the proceeds from the offering for general corporate purposes.

The convertible note will mature in April 2018 and will bear interest at a rate of 7% per year, paid in kind annually on the anniversary of the issuance of the note. The note will be convertible at the holder's option into the company's American Depositary Shares (ADSs) at a conversion rate of 540.5405 ADSs for each $1,000 principal amount of the note, subject to certain adjustments, which equates to an initial conversion price of $1.85 per ADS.

Sequans Communications S.A. is a 4G chipmaker and leading provider of single-mode LTE chipset solutions to wireless device manufacturers worldwide. Founded in 2003, Sequans has developed and delivered six generations of 4G technology and its chips are certified and shipping in 4G networks, both LTE and WiMAX, around the world.

B. Riley & Co., LLC is a leading investment bank providing advisory, research, and sales & trading to corporate, institutional and high net worth individual clients.

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