By Rebecca Melvin
New York, May 15 - Citizens Capital Corp. affiliate Citizens Capital Corp. ESOP Trust is remarketing $30 million of 7% series 2010A secured convertibles due 2020 issued by Citizens, according to a company news release.
The convertibles are being remarked at $628.79, a $371.21 discount to their $1,000 par value, for about $18.86 million in remarketed value.
The remarketed bonds will be distributed under Rule 144A.
The convertibles are callable.
The convertibles are governed by an indenture dated Dec. 28, 2009 that is supplemented by a Dec. 31, 2009 indenture.
Proceeds are expected to be used to fund and facilitate the growth of subsidiary products and services, fund roll-up acquisition initiatives as executed by the company and/or its subsidiary units, fund the current purchase of studio and IP broadcast equipment related to its Media Force Sports & Entertainment Inc. subsidiary unit, fund the current acquisition and construction cost of downtown Dallas commercial building purposed for mixed use and redevelopment, for working capital and for general corporate purposes.
Citizens is a Dallas-based emerging growth, diversified, acquisition-oriented holding company.
| Issuer: | Citizens Capital Corp.
|
| Issue: | Series 2010A secured convertible bonds
|
| Amount: | $30 million
|
| Maturity: | 2020
|
| Coupon: | 7%
|
| Price: | $628.79 per $1,000 principal amount
|
| Call option: | Yes
|
| Distribution: | Rule 144A
|
| Stock symbol: | OTCBB: CAAP
|
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