In Brief: Parlux Fragrances
This article was originally published in The Rose Sheet
Parlux Fragrances: Signs amended letter of intent with Dallas-based private investment firm Haas Wheat & Partners extending terms of the $40 mil. debenture arrangement to 20 years, the firm announced May 30. Under the original agreement, which Parlux signed May 8 ("The Rose Sheet" May 13, In Brief), in exchange for its $40 mil. investment, Haas Wheat could acquire a 10-year pay-in-kind debenture in a face amount equal to its investment as well as warrants to purchase up to 5 mil. common shares at $11 per share. The amended letter also makes the debenture convertible to 3.7 mil. common shares and reduces the warrants to the right to acquire an additional 1.3 mil. shares, Parlux said. The primary impact of the new agreement will be to minimize the dilutive effect of the transaction on earnings per share, the firm said...
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