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Brean Murray, Carret & Co. Completes $58.5 Million Registered Direct Offering for China Security & Surveillance Technology, Inc.
Wednesday, October 07, 2009
China Security & Surveillance Technology, Inc. (NYSE: CSR), a leading provider of digital surveillance technology, closed a registered direct offering of approximately 9.36 million shares of common stock at a price of $6.25 per share for gross proceeds of $58.5 million. In addition, the Company issued to the investors a warrant to purchase up to 2.3 million shares of common stock, in the aggregate, at a price of $8.16 per share for one year. Proceeds from the offering will be used to repay the Company's $50.0 million Tranche A Zero Coupon Guaranteed Senior Unsecured Convertible Notes for a purchase price of $47.5 million, as specified in a non-binding term sheet signed between the Company and Citadel Equity Fund Ltd. Pending such repayments, the Company will use the net proceeds from the offering for working capital and general corporate purposes. Brean, Murray, Carret & Co. acted as Sole Placement Agent on the transaction.
China Security & Surveillance Technology, Inc. manufactures, distributes, installs and services surveillance and safety products and systems as well as develops surveillance and safety related software in China. Its customers are mainly comprised of commercial and government entities and non-profit organizations. The Company has built a diversified customer base through its extensive sales and service network that includes over 150 branch offices and distribution points throughout China.
Brean Murray, Carret’s Investment Banking Group is dedicated to helping our clients achieve their strategic and financial goals. For over 35 years, the Firm has specialized in providing underwriting, financing, M&A advisory and independent financial advisory services. As demonstrated by our track record, Brean Murray, Carret’s industry knowledge, commitment and experience are critical to ensure a successful transaction.
For further details regarding this transaction or Brean Murray, Carret’s Investment Banking practice, please John Fletcher, Managing Director, at 212.702.6521 or Richard Serrano, Managing Director, at 212.702.6506. |
