By Devika Patel
Knoxville, Tenn., Sept. 12 - Canadian Satellite Radio Holdings Inc. announced that it has closed a C$20 million private placement of 8% convertible unsecured subordinated debentures due Sept.12, 2014.
The debentures will bear interest at a rate of 8% per year, payable semiannually on Dec. 31 and June 30. Interest will be paid, at the holders' option, either in cash or class A subordinated voting shares.
At any time prior to maturity, the debentures may be converted at a rate of C$5.92 per share, which is equal to a conversion ratio of 168.919 shares per $1,000 principal amount.
A group of investors including XM Satellite Radio Holdings Inc., Canadian Satellite Radio's chairman and chief executive officer John Bitove and other associates have subscribed for C$10 million of the debentures.
The placement was completed through a syndicate of agents led by GMP Securities LP and including Genuity Capital Markets.
Based in Toronto, Canadian Satellite Radio is a provider of satellite radio service.
| Issuer: | Canadian Satellite Radio Holdings Inc.
|
| Issue: | Convertible unsecured subordinated debentures
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| Amount: | C$20 million
|
| Agents: | GMP Securities LP (lead), Genuity Capital Markets
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| Maturity: | Sept. 12, 2014
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| Coupon: | 8%
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| Conversion price: | C$5.92
|
| Announcement date: | Sept. 12
|
| Stock symbol: | Toronto: XSR
|
| Stock price: | C$5.20 at close Sept. 12
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