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House of Taylor Jewelry completes private offering
15 May '06
2 min read
House of Taylor Jewelry Inc, an international jewelry company that serves fine jewelry retailers worldwide, said it has completed a private offering to institutional and other accredited investors for the sale of senior, secured convertible notes and warrants in an aggregate principal amount of approx. $11.6 million before deductions for fees and expenses.
The company had previously announced that it had signed commitments for $10 million in financing, but increased the amount to accommodate investor interest.
Jack Abramov, President and CEO of House of Taylor, said proceeds will be used primarily to fund inventory purchases, execute marketing and corporate partnering initiatives and for general working capital purposes.
"The offering will allow us to move forward with our expansion plans, bring more product to retailers and pursue growth opportunities," Abramov said. "It was particularly gratifying that investor interest enabled us to increase the size of the transaction by more than ten percent."
Abramov said management and other principal shareholders of the company participated in the private offering on the same terms as other investors.
The notes bear interest at the annual rate of 9.75 percent, payable quarterly, commencing July 1st 2006 and are convertible into approx. 2,540,000 shares of common stock at an initial conversion price of $4.00 per share.
The warrants allow the holders to purchase 1,905,000 shares of common stock and may be exercised at any time commencing November 2006 at $5.00 per share.
The company had previously announced that it had signed commitments for $10 million in financing, but increased the amount to accommodate investor interest.
Jack Abramov, President and CEO of House of Taylor, said proceeds will be used primarily to fund inventory purchases, execute marketing and corporate partnering initiatives and for general working capital purposes.
"The offering will allow us to move forward with our expansion plans, bring more product to retailers and pursue growth opportunities," Abramov said. "It was particularly gratifying that investor interest enabled us to increase the size of the transaction by more than ten percent."
Abramov said management and other principal shareholders of the company participated in the private offering on the same terms as other investors.
The notes bear interest at the annual rate of 9.75 percent, payable quarterly, commencing July 1st 2006 and are convertible into approx. 2,540,000 shares of common stock at an initial conversion price of $4.00 per share.
The warrants allow the holders to purchase 1,905,000 shares of common stock and may be exercised at any time commencing November 2006 at $5.00 per share.
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