Mosaic Group Inc., Toronto, has issued $100 million in notes to an investor group led by the Prudential Insurance Company of America. The proceeds will be used to pay down bank debt. Mosaic issued $80 million with a 87.57% interest rate, $12.3 million of which mature on June 13, 2006, $30.8 million come due on June 14, 2007, and $36.9 million mature on June 13, 2008. The company also issued $20 million at a 7.27% rate, which is due on June 14, 2007. As a result of the financing Mosaic has not scheduled principal payments for three years. Mosaic is a quantitative marketing solutions provider.
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