By Sheri Kasprzak
New York, July 11 - American Dairy Inc. said it has completed a private placement for $5 million.
The company sold $5 million in series B convertible notes that mature in two years and bear interest at 7.5% annually. The notes were sold to a single institutional investor.
The notes are convertible into common shares at $10.00 each.
So far, American Dairy has received $2.5 million of the proceeds and anticipates receiving the remainder by Aug. 14.
The proceeds will be used for acquisition costs and for working capital.
Based in Los Angeles, American Dairy produces and distributes milk powder and related dairy products for consumers in China.
| Issuer: | American Dairy Inc.
|
| Issue: | Series B convertible notes
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| Amount: | $5 million
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| Maturity: | Two years
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| Coupon: | 7.5%
|
| Price: | Par
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| Yield: | 7.5%
|
| Conversion price: | $10.00
|
| Warrants: | No
|
| Settlement date: | June 30
|
| Stock price: | $6.45 at close June 30
|
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