By Sheri Kasprzak
Atlanta, May 10 - Knology Inc. said it has received agreements for a private placement of series AA preferred stock for $9.2 million.
The company will issue 920,000 preferred shares at $10.00 each.
The preferreds pay annual dividends at 8% and are convertible into common shares at $2.00 each. The preferreds will automatically convert to common shares when the company's volume weighted average stock price exceeds $8.00 per share for 20 consecutive trading days.
Knology may redeem the preferreds in whole or part after Dec. 31, 2010.
The offering is expected to close June 30.
Based in West Point, Ga., Knology provides interactive communications and entertainment services to business and residential customers.
| Issuer: | Knology Inc.
|
| Issue: | Series AA preferred stock
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| Amount: | $9.2 million
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| Shares: | 920,000
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| Price: | $10.00
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| Dividends: | 8%
|
| Conversion price: | $2.00
|
| Call: | Redeemable after Dec. 31, 2010
|
| Warrants: | No
|
| Pricing date: | May 4
|
| Settlement date: | June 30
|
| Stock price: | $2.02 at close May 4
|
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