Deal sells senior secured notes to Fidelidade – Companhia de Seguros
By Devika Patel
Knoxville, Tenn., April 6 – Kingold Jewelry, Inc. arranged a $15 million private placement of senior secured convertible notes with Fidelidade – Companhia de Seguros, SA, a Fosun International Ltd. subsidiary, on April 2, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 15% note matures in three years and is initially convertible into common shares at about $1.15 per share. The conversion price is a 4.96% discount to the April 2 closing share price of $1.21.
Proceeds will be used for development of the Kingold Jewelry Cultural Industry Park.
Based in Wuhan, China, Kingold designs, manufactures and sells gold jewelry.
| Issuer: | Kingold Jewelry, Inc.
|
| Issue: | Senior secured convertible note
|
| Amount: | $15 million
|
| Maturity: | Three years
|
| Coupon: | 15%
|
| Conversion price: | $1.15 (approximate)
|
| Warrants: | No
|
| Investor: | Fidelidade – Companhia de Seguros, SA
|
| Pricing date: | April 2
|
| Stock symbol: | Nasdaq: KGJI
|
| Stock price: | $1.21 at close April 1
|
| Market capitalization: | $85.74 million
|
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