Fushi Copperweld buys back $2 million in 3% convertibles from Citadel

By Devika Patel

Knoxville, Tenn., Aug. 28 - Fushi Copperweld, Inc. issued 440,529 shares to repurchase $2 million of its 3% guaranteed senior secured convertible notes due 2012, according to an 8-K filed Friday with the Securities and Exchange Commission.

The notes were bought back at a deemed price of $4 million, equal to 200% of par.

As previously reported, the company had reached an agreement with the holder, Citadel Equity Fund Ltd., stipulating that at least $2 million of the notes repurchased by Oct. 9 will be bought back at 200% of par, or $200,000 per note. At least $4 million of this amount will be paid in shares at $9.08 per share.

Any remaining notes will be repurchased for cash by Nov. 9 at 202% of par.

Dalian, China's Fushi develops, designs, manufactures, markets and distributes bimetallic wire products.

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