Origin to buy back all remaining 1% convertibles due 2012 from Citadel

By Devika Patel

Knoxville, Tenn., Feb. 9 - Origin Agritech Ltd. said it will repurchase and cancel the remainder 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 previously bought back $18.7 million in notes for $20 million in cash on July 28.

It now plans to repurchase $4.7 million in notes for $5 million.

The company also will amend the maturity date of the remaining $16.6 million in notes to the end of 2009. For those notes, Origin will pay $104,000 for each $100,000 in notes.

In connection with the repurchase, Citadel has agreed to eliminate conversion rights on the notes.

Beijing-based Origin supplies hybrid crop seeds in China.

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