By Sheri Kasprzak
New York, July 11 - Freeman Corp. Ltd. negotiated the sale of HK$1.5 billion of zero-coupon convertible notes due March 31, 2011.
Of the notes, HK$1.25 billion will be sold on a best-efforts basis and the remaining HK$250 million will be sold on an underwritten basis.
The notes are convertible into a total of 10 billion common shares at HK$0.15 each.
Chung Nam Securities Ltd. is the placement agent.
Freeman, based Hong Kong, manufactures Western and Chinese pharmaceuticals.
| Issuer: | Freeman Corp. Ltd.
|
| Issue: | Convertible notes
|
| Amount: | HK$1.5 billion
|
| Maturity: | March 31, 2011
|
| Coupon: | 0%
|
| Conversion ratio: | Into 10 billion common shares
|
| Conversion price: | HK$0.15
|
| Placement agent: | Chung Nam Securities Ltd.
|
| Pricing date: | July 11
|
| Stock symbol: | Hong Kong: 0279
|
| Stock price: | HK$0.203 at close July 11
|
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