NEW YORK, April 29, 2015 /PRNewswire/ -- Electronic Cigarettes International Group, Ltd. (OTCMKTS: ECIG) a global marketer and distributor of electronic cigarette and vapor products, today announced that it has issued approximately $41 million in non-convertible 36 month senior secured term loans to strategic business partners and long-term investors. The Company has also repurchased and retired the remaining convertible subordinated notes, and fixed the conversion price of the remaining notes. The 36-month term loan strengthens the Company's balance sheet and provides additional financial flexibility, as amortization of principal does not begin until October 2016.
This capital raise has allowed the company to eliminate the troubling convertible notes that were previously issued. These notes were at times diluting as much as 200%. The company has solved this balance sheet issue and may be able to get back on track with its growth story.
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BrokerBank Securities, Inc. is a member of the Financial Industry Regulatory Authority, CRD number #130116.
SOURCE BrokerBank Securities, Inc.