China-Biotics redeems $25 million 4% senior convertible notes

By Melissa Kory

Cleveland, Dec. 9 - China-Biotics, Inc. said it redeemed its $25 million of 4% senior convertible promissory notes due Dec. 11 for cash a few days before their maturity.

The $1,000 notes were redeemed on Dec. 9 at par, plus $4.68 million in accrued interest to Dec. 11.

"We are very pleased to retire our only interest-bearing debt instrument," Mr. Jinan Song, chairman and chief executive officer of China-Biotics, said in a news release.

"Redemption of these convertible notes enhances shareholder value through substantially strengthening our balance sheet and creating immediate accretion of our earnings per share."

China-Biotics is a Shanghai-based supplier of probiotics, bacteria used as dietary supplements and food additives.

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