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Published on 8/21/2007 in the Prospect News PIPE Daily.

New Issue: Qiao Xing Universal wraps $25 million sale of convertibles

By Laura Lutz

Des Moines, Aug. 21 - Qiao Xing Universal Telephone, Inc. settled a $25 million private placement of convertible bonds, according to a 6-K filing with the Securities and Exchange Commission.

DKR Soundshore Oasis Holding Fund Ltd. and Cedar DKR Holding Fund Ltd. were the investors.

The bonds bear interest at 5.5% per year and mature on Feb. 17, 2010.

They are convertible at any time at $10.19 per share. The conversion price is equal to 110% of the average of the daily weighted average prices of the company's shares for the five trading days before issuance of the bonds.

Unlike convertible bonds issued by the company in 2006, these bonds do not have a put feature.

The investors also received warrants for a total of 24,534 shares. The warrants are exercisable at $10.19 for five years.

Based in Guangdong, China, Qiao Xing develops and distributes telecommunications products.

Issuer:Qiao Xing Universal Telephone, Inc.
Issue:Convertible bonds
Amount:$25 million
Maturity:Feb. 17, 2010
Coupon:5.5%
Price:Par
Yield:5.5%
Conversion price:$10.19
Investors:DKR Soundshore Oasis Holding Fund Ltd., Cedar DKR Holding Fund Ltd.
Warrants:For 24,534 shares
Warrant strike price:$10.19
Warrant expiration:Five years
Settlement date:Aug. 17
Stock symbol:Nasdaq: XING
Stock price:$8.46 at close Aug. 21

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