Kushner-Locke raises $ 16.1 million

Kushner-Locke Co. raised $ 16.1 million in a convertible bond offering to pay for TV production and build its motion picture business, among other items.

The company sold the notes — 8% convertible subordinated debentures — in a private placement to institutional investors, including Fidelity Management and Bank of America. The debt is convertible into 16.5 million shares, or roughly a third of Kushner-Locke’s outstanding stock.

Shareholders still need to approve the increase in outstanding stock. Some of the money will also go toward reducing existing debt and general corporate purposes.

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