By Sheri Kasprzak
New York, June 15 - Ronco Corp. has pocketed $1.5 million from a convertible loan.
Sanders Morris Harris Inc. purchased the loan.
The loan bears interest at 4.77% and is due in two years. The loan is convertible into common shares at the greater of the current market price based on the average of the highest bid and lowest ask prices for 40 consecutive trading days and $1.00 each.
Based in Chatsworth, Calif., Ronco develops and distributes consumer kitchen goods via infomercials on television.
| Issuer: | Ronco Corp.
|
| Issue: | Convertible loan
|
| Amount: | $1.5 million
|
| Maturity: | Two years
|
| Coupon: | 4.77%
|
| Price: | Par
|
| Yield: | 4.77%
|
| Conversion price: | The greater of the current market price based on the average of the highest bid and lowest ask prices for 40 consecutive trading days and $1.00 each
|
| Warrants: | No
|
| Investor: | Sanders Morris Harris Inc.
|
| Settlement date: | June 9
|
| Stock symbol: | OTCBB: RNCP
|
| Stock price: | $3.00 at close June 9
|
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