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the third secured Convertible Security with a face value equal to 122.
the fourth secured Convertible Security with a face value equal to 122.
Bergen will not convert an amount that is less than $300,000 at any time (except where the balance of a Convertible Security outstanding is less than $300,000).
The conversion price will be determined by dividing the relevant amount to be converted by 90% of the average of three daily volume weighted average prices ("VWAPs") during a specified period prior to the conversion notice date of the Convertible Security.
A decrease in the loss per share or increase in earnings per share caused by inclusion of a contingent security, convertible security, option or warrant in diluted EPS.
Under existing rules, a convertible security is a common stock equivalent if at the time it is issued it has an effective yield of less than two-thirds of the current average Aa-rated corporate bond yield.
At $1 billion, it was the largest registered convertible security ever issued by a Latin American company.
The transaction is the first convertible security by a Latin American company since December, 1996 and the first equity or convertible issuance out of Latin America since July of 1998.
The convertible security is for a three-year period, with conversion to CSCC's common stock at any time during the term of the convertible security.
In addition CSCC is pleased to have Everbright nominate one member to CSCC's board of directors after the closing of the convertible security transaction.
These transactions are subject to execution by both companies of definitive convertible security and stock purchase agreements, approval by regulatory agencies as well as the board of directors of both companies and also shareholder approval where required.