By LLuvia Mares
New York, Aug. 20 - Qiao Xing Universal Telephone, Inc. announced Monday an agreement to sell $25 million worth of 2.5 year convertible bonds with warrants to two strategic investors.
The stockholders have the option to covert their convertible bonds into common stock at conversion price equal to 110% of the arithmetic average of the weighted average share price for five trading days prior to the issuance date.
The coupon was not announced.
China-based Qiao Xing Universal Telephone, Inc. manufactures and distributes telecommunications products.
Issuer: Qiao Xing Universal Telephone, Inc.
Issue: Convertible notes
Amount: $25 million
Maturity: 2.5 years
Conversion price: Equal to 110% of the arithmetic average of the weighted average share price for five trading days prior to the issuance date
| Warrants: | Yes
|
| Stock Symbol: | XING
|
| Stock price: | $8.46 at close Aug. 17
|
| Announcement date: | Aug. 20
|
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