Sino-Forest to offer $300 million of convertible senior notes

By Kenneth Lim

Boston, July 16 - Sino-Forest Corp. plans to offer $300 million of convertible senior notes on the international markets.

The company has given underwriters Merrill Lynch and Credit Suisse an over-allotment option for an additional $45 million.

Sino-Forest, a Mississauga, Ont.-based commercial forestry operator in China, said it will use about $230 million of the proceeds as initial capital to acquire plantation forests in Fujian province. It will use about $15 million to lease land for planting jatropha trees, and any remaining proceeds will be used for working capital.

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