Cyanotech bond deal complete

Advertiser Staff

Cyanotech Corp. said yesterday that it has completed a private placement of $1.25 million of 10-percent convertible subordinated debentures, due Sept. 30, 2004, and $300,000 of common stock.

The debentures can be converted into shares of common stock of the Big Island company at 65 cents a share, and the common stock was issued at 40 cents a share.

The company said proceeds from the debentures will be used to pay off $1.238 million in debentures that mature Oct. 31. Net proceeds from the common stock will be used for working capital.