Fufeng begins tender offer for 4.5% dollar-settled convertible bonds

By Marisa Wong

Madison, Wis., Nov. 13 - Fufeng Group Ltd. announced a cash tender offer for its RMB 929 million of outstanding 4.5% dollar-settled convertible bonds due 2015.

The offer began on Nov. 12 and will end at 10:59 a.m. ET on Nov. 22. Final tender results will be announced on Nov. 26, and settlement will occur no later than Nov. 30.

Pricing will be determined through a modified Dutch auction procedure.

The offer will be funded with proceeds from a loan facility.

Deutsche Bank is the dealer manager and tender agent. Standard Chartered Bank is the financial adviser.

The Jinan, Shandong, China-based company issued RMB 820 million of the convertibles in March 2010 and an additional RMB 205 million of the bonds in April 2010 from a greenshoe exercise and recently repurchased RMB 96 million of the bonds in over-the-counter transactions.

Fufeng manufactures bio-products, including monosodium glutamate (MSG), xanthan gum and fertilizer.

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