More than a year and a half after Bel Fuse's offer, looming debt maturities forced Pulse to take action, and Oaktree Capital recapitalized the firm with a $102.7 million debt and equity offer that gave the Los Angeles investment firm a 49% stake.
Oaktree gave Pulse a $75 million senior secured term A loan with a 12% annual interest rate, and exchanged $28.5 million of principal and unpaid interest on its 7% senior convertible notes for a new $28.5 million secured term B loan. Pulse started out with $50 million of 7% notes. The term loans mature on Nov. 20, 2017.
"Nothing has played out the way management promised for years," the former investor said. "When we bought in,
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