Ameritrans Capital Corporation announced today the completion of a private placement debt financing for the Company. The financing consists of $975,000 notes due in March 2012. Ameritrans Capital Corp trades on the “NASDAQ” under the stock symbols “AMTC”. For More information regarding the “AMTC”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Ameritrans Capital Corporation (NASDAQ:AMTC) announced today the completion of a private placement debt financing for the Company. The financing consists of $975,000 8.75-percent (8.75%) notes due in March 2012. At the Company's option, the notes may be extended until March 2013 at a rate of 5.5%, plus the then current Prime Rate. The notes pay interest quarterly and are redeemable by the Company at any time upon not less than thirty days' prior written notice to the holder. The notes were sold at par resulting in aggregate gross proceeds of approximately $975,000. Mr. Steven Etra, a member of the Company's Board, and certain entities affiliated with Mr. Etra, participated in the offering.
"We are pleased to complete this private placement of Notes. The proceeds from the note issuance will be used for general working capital and investment opportunities." commented Michael Feinsod, Ameritrans Capital Corporation's chief executive officer and president.
About Ameritrans:
Ameritrans Capital Corporation is an internally managed, closed-end investment company that has elected to be regulated as a business development company (BDC) under the Investment Company Act of 1940, as amended. Ameritrans originates, structures and manages a portfolio of secured business loans and selected equity securities. Ameritrans' wholly owned subsidiary Elk Associates Funding Corporation was licensed by the United States Small Business Administration as a Small Business Investment Company (SBIC) in 1980.
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