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KJLK Issued US$10.0 million Senior Unsecured Bonds
July 31, 2023.
It is KJLK's first bond issuance targeted at US investors under Rule 144A of the US Securities Act, with the proceeds earmarked for its operations and capital planning.
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The Series A bond was issued as a Senior Unsecured, five (5)-year term, 8.75% annual coupon, one-thousand-dollar ($1,000) par note. This restrictive debenture was approved by DTC and is traded over the counter (OTC) under the CUSIP (48256AAB3) and the ISIN (US48256AAB35). The bond matures on July 31, 2028.
Bonds are to be converted at maturity to Retractable, Non-voting “Preferred Membership Units” (equity units), at Forty (40) shares per bond paying a six percent (6%) dividend. The principal may be prepaid, at the sole discretion of the Company, without a prepayment penalty. Prepayment can be in whole or in part by increments on a pro rata basis. Any partial redemption can be made pro rata among all of the bondholders (such redemption to be considered a “Pro Rata Pass-Through Distribution of Principal”).
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The offering was issued on behalf of the issuer. UMB Bank is the Trustee as well as the transfer, paying and settlement agent.
House Passes Bill to Set up SEC Accredited Investor Exam
June 2, 2023.
The House on May 31, 2023, voted to pass legislation directing the SEC to set up an exam program that would certify investors as accredited. H.R. 2797, the Equal Opportunity for All Investors Act of 2023. SEC was given one year following enactment to set up an exam program that “is designed with an appropriate level of difficulty. The exam itself would be administered by the Financial Industry Regulatory Authority (FINRA). "Any updates to the definition would likely entail significant adjustment to current business plans for investment managers," per Ben McCulloch, General Counsel at XA Investments.
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