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Article: American Dairy, Inc. Restructures Outstanding 1% Guaranteed Senior Secured Notes.
- Article from:
- PR Newswire
- Article date:
- November 18, 2008
CopyrightCOPYRIGHT 2008 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Completes first tranche of repurchase and lowers overall cost of capital
BEIJING, Nov. 18 /PRNewswire-FirstCall/ -- American Dairy, Inc. (NYSEArca: ADY), one of the leading producers and distributors of premium infant formula, milk powder and soybean, rice and walnut products in China, announced that it has completed a restructuring of the terms of its 1% Guaranteed Senior Secured Convertible Notes due 2012 (the "Senior Secured Notes"). The restructuring provided holders of those notes with the option to elect to have their notes repurchased by the Company at 115% of the principal amount, in a series of installments payable by October 15, 2009, resulting in a ...