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Savoy Pictures Entertainment announced Friday that it had priced its previously announced $ 75 million offering of convertible subordinated debentures due July 1, 2003.

Upstart Savoy said the paper was priced with a coupon of 7% and an initial conversion price of $ 18.60 per share of common stock (approximately 53.75 shares of Savoy common stock for each $ 1,000 principal amount of debentures).

Savoy stock had closed at $ 16 a share Thursday.

Savoy, which went public in March via a $ 60.8 million stock offering, said it will use the proceeds — estimated to be $ 72,175,000 after underwriting commissions and offering expenses — for general corporate purposes.

That broad category may include expansion of international acquisition and distribution, the formation of a division to acquire and distribute low-budget motion pictures and films designed to appeal to more specialized audiences (a la New Line Cinema’s Fine Line Films), and the possible acquisition of other entertainment industry assets. Just last week, Savoy locked up the screen rights to Tom Clancy’s novel “Without Remorse” for a hefty $ 2.5 million.

The proceeds from the bond offering, coupled with a recently inked $ 85 million banking facility with Chemical Bank, will now put Savoy’s total capitalization at about $ 400 million, with just $ 27 million of long-term debt.

Allen & Company is manager for the offering, rated single-B2 by Moody’s Investor Service. Savoy has granted the underwriters an option to purchase an additional $ 11,250,000 of debentures to cover overallotments.