KKR offers $230.4 million shares; Qiao Xing to sell $25 million convertibles; Advanced Cell plans $10 million

By LLuvia Mares

New York, Aug. 20 - KKR Financial Holdings LLC announced Monday a $230.4 million PIPE and a $270.0 million common share rights offering.

The private placement consisted of a sale of 16,000,000 common shares at $14.40 per unit, which was the closing price on Aug. 17.

Purchasers of the common shares include Farallon Capital Management, LLC, Fir Tree Partners, JGE Capital Management, Marsico Capital Management, Morgan Stanley, Oak Hill Advisors and Sageview Capital LP.

"It's a great move for them," said one sell-side trader on Monday afternoon of the PIPE. "They're handling their liquidity problems in a reasonable way. It shows they have some modicum of control over the situation."

The company will use the proceeds for general corporate purposes.

In the rights offering, KKR Financial Holdings plans to distribute up to 18,750,000 non-transferrable common share rights at $14.50 per share. The rights expire Sept.19.

San Francisco-based KKR Financial Holdings is a specialty finance company. Proceeds will be used for general corporate purposes.

Qiao Xing Universal to sell $25 million in convertible bonds

Qiao Xing Universal Telephone, Inc. announced Monday an agreement to sell $25 million worth of 2.5 year convertible bonds with warrants to two strategic investors.

"One of the two strategic investors has previously participated in several rounds of investment in the Company," said Wu Rui Lin, chairman of Xing in a press release. "This new investment further demonstrates this strategic investor's confidence in Xing's solid fundamentals and prospects.

The stockholders have the option to covert their convertible bonds into common stock at conversion price equal to 110% of the arithmetic average of the weighted average share price for five trading days prior to the issuance date. The coupon was not announced.

Funds raised will be used for general corporate purposes.

Huizhou, China-based Qiao Xing Universal Telephone, Inc. manufactures and distributes telecommunications products.

Advanced Cell offers $10 million convertible

New York, Aug. 20 - Advanced Cell Technology, Inc. announced Monday it plans to privately offer up to $10 million of senior secured convertible debentures and warrants.

The debentures are expected to have a term of no more than 36 months. They will amortize with payments in cash or stock, at the company's option.

Other terms have not yet been set.

Alameda, Calif.-based Advanced Cell Technology is a biotechnology company applying stem cell technology in the emerging field of regenerative medicine.

The company plans to use the proceeds for working capital, including costs associated with advancing the technology the company expects to receive through its pending acquisition of Mytogen to phase 2 clinical trials.

Pacific Energy ups stock placement to C$100 million

Pacific Energy Resources Ltd. set pricing for its previously announced private placement of stock, increasing the maximum deal size to C$100 million from C$50 million.

The company plans to sell up to 40 million shares at C$2.50 each.

Octagon Capital Corp., D&D Securities Co. and Energy Capital Solutions will act as agents.

The placement was first announced on June 21.

Some of the proceeds will be used for a planned acquisition of Alaskan assets from Forest Oil Corp. The rest will be used for exploration and development, for working capital and for general business purposes.

The number of shares expected to be issued under the placement, the acquisition and a related senior credit facility exceeds 25% of the company's current outstanding share capital. As a result, the placement is conditional on shareholder approval.

Pacific Energy is an oil and gas exploration and development company based in Long Beach, Calif.

Signalife completes $102 million in stock and warrants

New York, Aug. 20 - Signalife Inc. announced its approval for $102 million in financing with Yorkville Advisors, LLC through its YA Global Investment LP fund.

As part of financing the company received funding of $2 million through the sale of its stock to YA Global Investments and also entered into a $100 million standby equity distribution agreement.

Newbridge Securities Corp. acted as the placement agent.

Greenville, S.C.-based Signalife is a life sciences company focused on monitoring and detection of disease through continuous biomedical signal monitoring.

Corcept prices $10.1 million stock

Corcept Therapeutics Inc. announced Monday a $10.1 million private placement of shares.

The company sold 4.8 million shares at $2.10 per unit. Corcept Therapeutics completed the initial closing of the financing on Aug. 17, selling 3.6 million shares of its common stock at $2.10 each.

If stockholder approval in compliance with Nasdaq rules is achieved, investor Paperboy Ventures LLC can purchase the company's remaining commitment of 1.2 million shares at $2.10 per share, for a total of 4.8 million shares.

Other investors included Sutter Hill Ventures, Alta Partners, LLP and other accredited investors.

The company plans to use the proceeds toward financing the next phase in its clinical trial evaluating Corlux a drug for the treatment of the psychotic features of psychotic depression and working capital.

Menlo Park, Calif.-based Corcept Therapeutics is a pharmaceutical company engaged in the development of drugs for the treatment of severe psychiatric and neurological diseases.

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