China Milk repurchases $800,000 0% convertibles for $760,000 in open-market purchase

By Devika Patel

Knoxville, Tenn., April 20 - China Milk Products Group Ltd. said it bought $800,000 of its zero-coupon convertible bonds due 2012 for $760,000 in an open-market purchase on Friday.

Following the repurchase, the company will have $146.2 million of the securities outstanding.

China Milk announced on March 30 that it planned to spend up to $40 million buying back some of the $150 million of outstanding convertibles.

Investors were required to submit their tender applications by April 1 to the dealer manager, ABN Amro Bank NV, and settlement was expected to occur on April 13.

China Milk is a Heilongjiang Province, China-based supplier of raw milk, pedigree bull semen and dairy cow embryos.

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