By James McCandless
San Antonio, March 14 – Pacific Ventures Group, Inc. set terms for a best-efforts offering of $10 million $25-par series G cumulative redeemable perpetual preferred stock with a dividend of 11%, according to a 424B3 filing with the Securities and Exchange Commission.
A placement agent has not been retained yet and there is no underwriter.
The preferreds are redeemable after two years. Prior to that, they are redeemable within 120 days after a change-of-control event.
Pacific Ventures plans to use the proceeds for general corporate purposes.
The company plans to list the preferreds on the Nasdaq Capital Market.
Pacific Ventures is a Los Angeles-based distributor of alcohol-infused ice creams and ice-pops.
| Issuer: | Pacific Ventures Group, Inc.
|
| Description: | Series G cumulative redeemable perpetual preferred stock
|
| Amount: | $10 million
|
| Maturity: | Perpetual
|
| Dividend: | 11%
|
| Price: | Par of $25.00
|
| Yield: | 11%
|
| Call: | After two years; prior to that, within 120 days after a change-of-control event
|
| Trade date: | March 14
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq
|
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