| Steinway Musical Instruments announced that it has signed an agreement with Samick Musical Instruments Co., Ltd. for a private placement of 1.7M 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 $27M to retire outstanding debt and for general corporate purposes. Samick was also granted the right to purchase by March 31, 2010 an additional 1.7M shares of ordinary common stock at an exercise price of $16 per share. :theflyonthewall.com |
