By Sheri Kasprzak
New York, July 26 - Origin Agritech Ltd. concluded a $40 million private placement of convertible notes.
Citadel Investment Group, LLC bought the 1% notes, which are due July 25, 2012.
The notes are convertible into common shares at $11.50 each.
Proceeds will be used for future acquisitions and for working capital.
Beijing-based Origin supplies hybrid crop seeds in China.
| Issuer: | Origin Agritech Ltd.
|
| Issue: | Convertible notes
|
| Amount: | $40 million
|
| Maturity: | July 25, 2012
|
| Coupon: | 1%
|
| Price: | Par
|
| Yield: | 1%
|
| Conversion price: | $11.50
|
| Warrants: | No
|
| Investor: | Citadel Investment Group, LLC
|
| Settlement date: | July 25
|
| Stock symbol: | Nasdaq: SEED
|
| Stock price: | $8.89 at close July 25
|
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