MusclePharm Corporation (OTCBB: MSLP) announced today that it has completed the retirement of all of its outstanding convertible notes held by various financing companies.
Since January 2012 the company has used cash flow from operations, as well as mezzanine financing, to retire the convertible notes. MSLP has retired $5.5 million of derivative financing instruments with $3.0 million cash and 55 million shares of common stock.
Brad Pyatt, MusclePharm Corporation CEO, commented:
Our goal is to become a fully sustainable free cash flow business by the end of the 2012 first quarter. Retiring the convertible debt has helped reduce uncertainty in our equity structure and represents a major step in our plan to re-capitalize MusclePharm and strengthen its balance sheet. We are very excited to have completed this program and to continue our focus on growing our business, and adding value for our shareholders.
MSLP stock traded 65.7M shares as of 12p.m. EST, representing the 3.2fold of its 10day average volume.
MusclePharm Corporation (MSLP)
4721 Ironton Street
Denver, CO 90839
MusclePharm is a healthy life-style company that develops and manufactures a full line of NSF International and Informed Choice approved nutritional supplements that are free of banned substances. Its productsare sold in more than 120 countries and available in over 10,000 U.S. retail outlets, including GNC and Vitamin Shoppe and Vitamin World, and through more than 100 online stores