SiliconBeat

A month after borrowing $25 million at a minimum of 12.5 percent, the parent company of the Jamba Juice franchise, said today that its board of directors has adopted a “Stock Purchase Rights Plan” that it says is “designed to enable all Jamba Inc. stockholders to realize the full value of their investment” and to provide them “fair and equal treatment” in the event that “an unsolicited attempt is made to acquire the company “without paying all stockholders full and fair value,” according to a press release the company issued this morning.

The market is pegging that value at a bit above half a buck at the moment, about 85 percent below where it valued the company at the start of the year, and 96 percent below the $15 at which it first offered its shares to the public in 2005 as a special purpose acquisition company.

The plan would kick in “when a person or group acquires 15% or more” of its common stock “without prior Board approval.” The board said it currently “is not aware of any such effort.”

On September 11, Emeryville-based Jamba entered into a debt financing under which it got $25 million in exchange for a two-year senior secured note giving the lenders places near the front of the line should the debtor declare bankruptcy. Under the terms of the agreement, the company will pay interest at a rate of 6-month LIBOR plus 8 percent (!) with a floor of 12.5 percent, with interest paid monthly.

When the agreement was signed, that particular LIBOR rate was 3.084. Today it stands at 4.375, up 42 percent in the space of a month.

In exchange, the company issued two million shares to the lenders.