Telecom Company Able to Raise $15M

Able Telecom Holding Corp. earlier this month raised $15 million through a private placement of 5,000 shares of preferred stock to investors affiliated with The Palladin Group LP, according to a Securities and Exchange Commission filing.

The investors were Halifax Fund LP, $10 million; The Gleneagles Fund Co., Palladin Overseas Fund Ltd. and Lancer Securities (Cayman) Ltd., $1 million each; Palladin Partners I LP and PGEP III LLC, $750,000 each; and Quattro Fund Ltd. $500,000.

The Series C Preferred Stock has a dividend rate of 5.9% and is convertible into common stock at an initial conversion price of $9.35 per share.

The investors also received five-year warrants to purchase an aggregate of 200,000 common stock at $10.75 per share.

Able designs, develops, constructs and manages large-scale, facilities-based communication networks with revenue last year of $418 million.