By Sheri Kasprzak
New York, June 28 - American Dairy, Inc. concluded a $20 million private placement of guaranteed senior secured convertible notes.
The notes due 2012 bear interest at 1% annually and are convertible into common shares at $24.00 each.
This is the second round of the note offering, the first of which closed for $60 million on June 1.
Based in Beijing, American Dairy produces and distributes milk powder and soybean products in China.
| Issuer: | American Dairy, Inc.
|
| Issue: | Guaranteed senior secured convertible notes
|
| Amount: | $20 million
|
| Maturity: | 2012
|
| Coupon: | 1%
|
| Price: | Par
|
| Yield: | 1%
|
| Conversion price: | $24.00
|
| Warrants: | No
|
| Settlement date: | June 27
|
| Stock symbol: | NYSE: ADY
|
| Stock price: | $19.29 at close June 27
|
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