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Article: Steinway Announces Agreement for Private Placement of Common Stock; Will Appoint New Director.
- Article from:
- PR Newswire
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WALTHAM, Mass., Nov. 5 /PRNewswire-FirstCall/ -- Steinway Musical Instruments, Inc. , one of the world's leading manufacturers of musical instruments, today announced that it has signed an agreement with Samick Musical Instruments Co., Ltd. for a private placement of 1.7 million shares of its ordinary common stock at a price of $16 per share, approximately 37% above the closing market price on October 28, 2009, the date the parties set the purchase price. Steinway intends to use the proceeds of approximately $27 million to retire outstanding debt and for general corporate purposes. Samick was also granted the right to purchase by March 31, 2010 an additional 1.7 million ...
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