Company offers two-year zero-coupon bonds to investor Yin Yun-lu
By Devika Patel
Knoxville, Tenn., Sept. 23 - Global Pharm Holdings Group, Inc. arranged to sell $15 million of two-year zero-coupon redeemable convertible bonds to Yin Yun-lu on Sept. 19, according to an 8-K filed Friday with the Securities and Exchange Commission. It has already raised $10 million.
The bond will be issued in integrals of $50,000 and is convertible into shares at $5.00 per share, a 21.26% discount to the Sept. 16 closing share price of $6.35. The bonds may be redeemed with a 25% premium.
The pharmaceutical products distributer is based in Shenzhen, China.
Issuer: | Global Pharm Holdings Group, Inc.
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Issue: | Convertible bonds
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Amount: | $15 million
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Maturity: | Two years
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Coupon: | 0%
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Price: | Par of $50,000
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Conversion price: | $5.00
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Call: | With a 25% premium
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Warrants: | No
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Investor: | Yin Yun-lu
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Pricing date: | Sept. 19
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Settlement date: | Sept. 19 (for $10 million)
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Stock symbol: | OTCBB: GPHG
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Stock price: | $6.35 at close Sept. 19
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Market capitalization: | $132.08 million
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