CARROLLTON, Texas-CellStar Corp. announced the consummation of its $150 million convertible subordinated notes offering to qualified institutional buyers.
The notes will be unsecured obligations, bear interest at an annual rate of 5 percent, convertible into CellStar common stock at $55.34 a share, maturing Oct. 15, 2002. The company said it will use the offering’s proceeds to repay certain debts and for working capital and other general purposes, such as investments to support its growth strategy.
