By Susanna Moon
Chicago, June 5 - China Biologic Products, Inc. agreed to issue $9.55 million principal amount of 3.8% senior secured convertible notes.
Interest is payable semiannually. Beginning Sept. 30, the company may pay accrued interest through the issuance of common shares.
Investors also will receive warrants to purchase up to 1,194,268 common shares. Each warrant is exercisable at $4.80 per share for three years.
The notes are putable upon four weeks' written notice at par plus two years of interest payments in some instances.
China Biologic is a biopharmaceutical company based in Taian City, China.
Issuer: | China Biologic Products, Inc.
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Issue: | Senior secured convertible notes
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Amount: | $9,554,140
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Coupon: | 3.8%
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Price: | Par
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Yield: | 3.8%
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Warrants: | For up to 1,194,268 shares
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Warrant expiration: | Three years
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Warrant strike price: | $4.80
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Pricing date: | June 5
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Stock symbol: | OTCBB: CBPO
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Stock price: | $4.75 at close June 4
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