Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
Fushi Copperweld buys back $2 million in 3% convertibles from Citadel
By Devika Patel
Knoxville, Tenn., Aug. 28 - Fushi Copperweld, Inc. issued 440,529 shares to repurchase $2 million of its 3% guaranteed senior secured convertible notes due 2012, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes were bought back at a deemed price of $4 million, equal to 200% of par.
As previously reported, the company had reached an agreement with the holder, Citadel Equity Fund Ltd., stipulating that at least $2 million of the notes repurchased by Oct. 9 will be bought back at 200% of par, or $200,000 per note. At least $4 million of this amount will be paid in shares at $9.08 per share.
Any remaining notes will be repurchased for cash by Nov. 9 at 202% of par.
Dalian, China's Fushi develops, designs, manufactures, markets and distributes bimetallic wire products.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.