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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.

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