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China Milk to buy $3 million convertibles in tender at price of 95
New York, April 7 - China Milk Products Group Ltd. said it will buy $3 million principal amount of its zero-coupon convertible bonds due 2012 at a price of 95 in its tender offer for the securities.
Following the tender, the company will have $147 million of the securities outstnnding.
Settlement is scheduled for April 13.
China Milk announced on March 30 that it planned to spend up to $40 million buying back some of the $150 million outstanding of the convertibles.
Investors were required to submit their tender applications by 11:59 a.m. ET on April 1 to ABN Amro Bank NV.
ABN Amro Bank NV, Singapore Branch is the dealer manager.
China Milk is a Heilongjiang Province, China-based supplier of raw milk, pedigree bull semen and dairy cow embryos.
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