By Laura Lutz
Des Moines, Nov. 1 - Qiao Xing Universal Telephone, Inc. settled a private placement of shares and convertible notes for $50 million.
The company sold 2 million shares with 400,000 share warrants, for proceeds of $24 million.
It also sold $26 million of 4.5% convertible notes. The notes have a maturity date of April 30, 2009.
The notes will be convertible at a conversion price of $14.30 per share.
Proceeds will be used for Qiao Xing Universal's acquisition of Qiao Xing Mobile Communication.
Based in Guangdong, China, Qiao Xing develops and distributes telecommunications products.
| Issuer: | Qiao Xing Universal Telephone, Inc.
|
| Issue: | Shares and convertible notes
|
| Amount: | $50 million
|
| Settlement date: | Nov. 1
|
| Stock symbol: | Nasdaq: XING
|
| Stock price: | $15.45 at close Oct. 31
|
|
|
| Stock
|
| Amount: | $24 million
|
| Shares: | 2 million shares
|
| Price: | $12.00
|
| Warrants: | For 400,000 shares
|
|
|
| Convertible notes
|
| Amount: | $26 million
|
| Maturity: | April 30, 2009
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion price: | $14.30
|
| Warrants: | No
|
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