By Sheri Kasprzak
New York, July 26 - Origin Agritech Ltd. concluded a $40 million private placement of convertible notes.
Citadel Investment Group, LLC bought the 1% notes, which are due July 25, 2012.
The notes are convertible into common shares at $11.50 each.
Proceeds will be used for future acquisitions and for working capital.
Beijing-based Origin supplies hybrid crop seeds in China.
Issuer: | Origin Agritech Ltd.
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Issue: | Convertible notes
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Amount: | $40 million
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Maturity: | July 25, 2012
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Coupon: | 1%
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Price: | Par
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Yield: | 1%
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Conversion price: | $11.50
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Warrants: | No
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Investor: | Citadel Investment Group, LLC
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Settlement date: | July 25
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Stock symbol: | Nasdaq: SEED
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Stock price: | $8.89 at close July 25
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