American Dairy Completes $60 Million Financing
In the first closing, Citadel purchased US$60 million principal amount of the Notes which are convertible at an initial conversion price of $24.00, which is subject to adjustment.
06/06/07 American Dairy, Inc., one of the leading producers and distributors of milk powder and soybean products in China, announced that it has closed the first portion of the sale of the Company's 1% Guaranteed Senior Secured Convertible Notes due 2012 to Citadel Equity Fund Ltd. On June 1, 2007, the Company completed the first closing under the purchase agreement pursuant to which the Notes were issued, resulting in gross proceeds to the Company of US$60 million.
In the first closing, Citadel purchased US$60 million principal amount of the Notes which are convertible at an initial conversion price of $24.00, which is subject to adjustment. The Notes bear interest at the initial rate of 1.0% per annum, payable semi-annually, subject to adjustment.
