Steinway Raises $27 Million in Capital
WALTHAM, Mass., March 30
WALTHAM, Mass., March 30 /PRNewswire-FirstCall/ -- Steinway Musical
Instruments, Inc.(NYSE: LVB), one of the world's leading manufacturers of
musical instruments, today announced that, pursuant to the previously
announced subscription agreement, Samick Musical Instruments Co., Ltd. has
exercised its option to purchase an additional 1.7 million shares of ordinary
common stock at an exercise price of $16 per share. Steinway intends to use
the proceeds to retire outstanding debt and for general corporate purposes.
About Steinway Musical Instruments
Steinway Musical Instruments, Inc., through its Steinway and Conn-Selmer
divisions, is one of the world's leading manufacturers of musical instruments.
Its notable products include Bach Stradivarius trumpets, Selmer Paris
saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones, Ludwig
snare drums and Steinway & Sons pianos. Through its online music retailer,
ArkivMusic, the Company also distributes classical music recordings. For more
information about Steinway Musical Instruments, Inc. please visit the
Company's website at www.steinwaymusical.com .
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
This release contains "forward-looking statements" which represent the
Company's present expectations or beliefs concerning future events. The
Company cautions that such statements are necessarily based on certain
assumptions which are subject to risks and uncertainties which could cause
actual results to differ materially from those indicated in this release.
Further information on these risk factors is included in the Company's
filings with the Securities and Exchange Commission.
Contact: Julie A. Theriault
SOURCE Steinway Musical Instruments, Inc.
Contact: Julie A. Theriault, +1-781-894-9770, firstname.lastname@example.org
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