By Devika Patel
Knoxville, Tenn., March 18 - KongZhong Corp. said it sold $6.8 million of five-year 8% convertible senior notes to Nokia Growth Partners. The deal priced on Feb. 18.
The notes may be prepaid after three years.
The company also issued warrants for 2 million American Depositary Shares, exercisable at $5.00 for five years.
Beijing, China's KongZhong provides interactive entertainment, media and community services through multiple technology platforms to mobile phone users.
| Issuer: | KongZhong Corp.
|
| Issue: | Convertible senior notes
|
| Amount: | $6.8 million
|
| Maturity: | Five years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Warrants: | For 2 million American Depositary Shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.00
|
| Investor: | Nokia Growth Partners
|
| Pricing date: | Feb. 18
|
| Settlement date: | March 18
|
| Stock symbol: | Nasdaq: KONG
|
| Stock price: | $4.32 at close Feb. 18
|
| Market capitalization: | $180 million
|
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