By Sheri Kasprzak
New York, Jan. 26 - Fushi International, Inc. settled a private placement of senior secured convertible notes for $20 million and of senior secured floating-rate notes for $40 million.
The 3% convertible notes are due 2012 and are convertible into common shares at $7.00 each.
The floating-rate notes bear interest at Libor plus 700 basis points annually and are also due 2012.
Citadel Equity Fund Ltd. purchased both notes.
Merrill Lynch Far East Ltd. was the placement agent for the offering.
Located in Dalian, China, Fushi makes bimetallic wire used in cable television and telecommunication networks.
Convertible notes
| Issuer: | Fushi International, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $20 million
|
| Maturity: | 2012
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Conversion price: | $7.00
|
| Warrants: | No
|
| Investor: | Citadel Equity Fund Ltd.
|
| Placement agent: | Merrill Lynch Far East Ltd.
|
| Settlement date: | Jan. 25
|
| Stock symbol: | OTCBB: FSIN
|
| Stock price: | $5.35 at close Jan. 25
|
|
|
| Floating-rate notes
|
| Issuer: | Fushi International, Inc.
|
| Issue: | Senior secured floating-rate notes
|
| Amount: | $40 million
|
| Maturity: | 2012
|
| Coupon: | Libor plus 700 basis points
|
| Warrants: | No
|
| Investor: | Citadel Equity Fund Ltd.
|
| Placement agent: | Merrill Lynch Far East Ltd.
|
| Settlement date: | Jan. 25
|
| Stock symbol: | OTCBB: FSIN
|
| Stock price: | $5.35 at close Jan. 25
|
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