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Origin Agritech to buy back some 1% convertibles due 2012 from Citadel
By Devika Patel
Knoxville, Tenn., July 28 - Origin Agritech Ltd. said it has agreed to repurchase some of its 1% guaranteed senior secured convertible notes due 2012 from Citadel Equity Fund Ltd.
The $40 million in notes were sold to Citadel in a July 2007 private placement. The company plans to buy back $18.7 million in notes for $20.0 million in cash.
The note repurchase will be completed in two tranches: The company planned to buy back $14 million of the notes on Monday and expects to repurchase $4.7 million of the notes by the end of 2008.
Beijing-based Origin Agritech supplies hybrid crop seeds in China.
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