Comtech Telecommunications<\/b> received a $45 million investment from current shareholders White Hat Capital Partners and funds affiliated with investment manager Magnetar, the company announced Monday. Comtech said this investment gives the company greater financial flexibility. C\u200b\u200bomtech plans to apply the investment to a range of initiatives including working capital needs like repaying debt and also to support growth prospects. <\/p>\n
Under the terms of the deal, White Hat and Magnetar purchased $45 million of a new series of convertible preferred stock and exchanged all outstanding shares of Comtech\u2019s existing convertible preferred stock for shares of the new series of convertible preferred stock. The preferred stock will be convertible into shares of Comtech common stock at a conversion price of $7.99 per share. The stock carries a 9.00% dividend, payable in kind, or a 7.75% dividend, payable in cash, at Comtech\u2019s election; and contains an optional redemption date of October 31, 2028<\/p>\n
Comtech is working through a process to refinance an existing credit facility, which it spoke about in its most recent quarterly results. Comtech said this investment is a step toward that goal and demonstrates White Hat and Magnetar\u2019s commitment to Comtech. White Hat and Magnetar previously invested $100 million in Comtech in 2021. <\/p>\n
\u201cWe are grateful for this investment and endorsement of our strategy and team by two of our existing long-term shareholders,\u201d said Comtech\u2019s Chairman and CEO Ken Peterman. \u201cMagnetar and White Hat understand our Company, our end markets, and the potential of our One Comtech vision. With White Hat\u2019s investment experience within the technology sector and Magnetar\u2019s breadth of investment experience in both private and public markets and across asset classes and capital structures, we value their continued support.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"
Comtech Telecommunications received a $45 million investment from current shareholders White Hat Capital Partners and funds affiliated with investment manager Magnetar, the company announced Monday. Comtech said this investment gives the company greater financial flexibility. C\u200b\u200bomtech plans to apply the investment to a range of initiatives including working capital needs like repaying debt and also […]<\/p>\n","protected":false},"author":1,"featured_media":47331,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[],"class_list":["post-52000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/52000"}],"collection":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/comments?post=52000"}],"version-history":[{"count":0,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/posts\/52000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media\/47331"}],"wp:attachment":[{"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/media?parent=52000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/categories?post=52000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/starpath.global\/blog\/wp-json\/wp\/v2\/tags?post=52000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}