By Devika Patel
Knoxville, Tenn., Jan. 9 - Corgi International Ltd. announced that it has finalized arragements for a $30 million three-year credit facility. It also closed a $2.2 million private placement of its American Depositary Shares.
The asset-backed facility was arranged with Burdale Financial Ltd.
Along with this financing, the company's existing lenders, Barclays Bank plc, Ropart Asset Management Fund LLC and Gateway Trade Finance LLC, each agreed to extend the maturity of their existing credit facilities with the company, and Gateway agreed to provide up to $3.3 million of inventory financing for at least one year. In connection with the extension, the company granted Ropart Asset Management a warrant to buy 200,000 ADS at HK$3.00 each.
The company also sold 2.2 million ADS at $1.00 apiece for $2.2 million, of which $200,000 was in exchange for existing bridge debt.
Hong Kong-based Corgi sells die-cast collectibles.
| Issuer: | Corgi International Ltd.
|
| Issue: | Credit facility, American Depositary Shares
|
| Amount: | $32.2 million
|
| Stock symbol: | Nasdaq: CRGI
|
| Stock price: | $2.74 at close Jan. 8
|
|
|
| Credit facility
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| Amount: | $30 million
|
| Maturity: | Three years
|
| Price: | Par
|
| Warrants: | No
|
| Investor: | Burdale Financial Ltd.
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| Pricing date: | Jan. 9
|
|
|
| American Depositary Shares
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| Amount: | $2.2 million
|
| Shares: | 2.2 million
|
| Price: | $1.00
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| Warrants: | No
|
| Settlement date: | Jan. 9
|
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