By Devika Patel
Knoxville, Tenn., Nov. 5 - Steinway Musical Instruments, Inc. said it plans a $27.2 million private placement of stock.
The company will sell 1.7 million common shares at $16.00 per share to Samick Musical Instruments Co., Ltd. Samick may buy an additional 1.7 million shares at the same price before March 31.
Proceeds will be used to retire debt and for general corporate purposes.
The company is a Waltham, Mass., musical instrument manufacturer.
| Issuer: | Steinway Musical Instruments, Inc.
|
| Issue: | Common stock
|
| Amount: | $27.2 million
|
| Shares: | 1.7 million
|
| Price: | $16.00
|
| Warrants: | No
|
| Investor: | Samick Musical Instruments Co., Ltd.
|
| Pricing date: | Nov. 5
|
| Stock symbol: | NYSE: LVB
|
| Stock price: | $12.68 at close Nov. 4
|
| Market capitalization: | $109 million
|
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