By Sheri Kasprzak
New York, June 4 - American Dairy, Inc. closed a private placement of guaranteed senior secured convertible notes for $60 million.
The 1% notes are due June 1, 2012 and are convertible into common shares at $24.00 each.
Citadel Equity Fund Ltd. was the investor. Citadel has the option to buy up to $20 million in additional notes under the offering.
Beijing-based American Dairy produces and distributes milk powder and soybean products in China.
| Issuer: | American Dairy, Inc.
|
| Issue: | Guaranteed senior secured convertible notes
|
| Amount: | $60 million
|
| Maturity: | June 1, 2012
|
| Coupon: | 1%
|
| Price: | Par
|
| Yield: | 1%
|
| Conversion price: | $24.00
|
| Warrants: | No
|
| Investor: | Citadel Equity Fund Ltd.
|
| Settlement date: | June 1
|
| Stock symbol: | NYSE: ADY
|
| Stock price: | $20.1301 at close June 1
|
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