By Devika Patel
Knoxville, Tenn., Oct. 2 - China Security & Surveillance Technology, Inc. said it has arranged a $58.5 million registered direct offering of stock.
The company will sell 9.36 million common shares at $6.25 apiece. Investors also will receive warrants for 2.3 million shares, which are exercisable at $8.16 for one year.
Proceeds will be used to repay the company's $50 million tranche A zero-coupon guaranteed senior unsecured convertible notes for $47.5 million. The remainder will be used for working capital and general corporate purposes.
Located in Shenzhen, China, China Security provides security and surveillance products and services.
| Issuer: | China Security & Surveillance Technology, Inc.
|
| Issue: | Common stock
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| Amount: | $58.5 million
|
| Shares: | 9.36 million
|
| Price: | $6.25
|
| Warrants: | For 2.3 million shares
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| Warrant expiration: | One year
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| Warrant strike price: | $8.16
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| Pricing date: | Oct. 2
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| Stock symbol: | NYSE: CSR
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| Stock price: | $6.80 at close Oct. 1
|
| Market capitalization: | $326 million
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