Offering raises $8 mil for Kushner-Locke Co.

Kushner-Locke Co., the television production company, said Friday that it completed a public stock offering of 8,050,000 common shares, raising just over $ 8 million.

The offering was increased from the 5 million common shares the company said it planned to sell in an announcement made Nov. 1.

“Greater investor interest made us increase the offering at the last minute,” said Donald Kushner, co-chairman of the Westwood-based company.

Shares went for $ 1 apiece, with 7 million shares offered.

The company also elected to exercise an over-allotment of more than 1 million shares.

K-L, which called off a proposed $ 10 million merger with distributor Rysher Entertainment last summer, produces and distributes TV series and telepix.

Kushner said proceeds will be used for working capital.

The shares were mostly sold to retail investors, Kushner added.

The offering was made through Chatfield Dean & Co. of Colorado.

Two weeks ago, K-L canceled a $ 10 million debt offering.

The company had 20 million shares outstanding pre-offering, and about $ 5.8 million in long-term debt, with a credit line of $ 10 million, Kushner said.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading