PharmaEssentia to sell convertible bonds maturing in up to five years

By Rebecca Melvin

Concord, N.H., April 12 – PharmaEssentia Corp.’s board of directors plans to issue a private placement of overseas or domestic convertible corporate bonds with a maturity of not more than five years, according to a notice.

The deal size, timing and pricing is expected to be determined following a shareholders’ meeting giving the board authority to issue the bonds as well as common shares.

The bonds will have a conversion limit of 50 million common shares.

Proceeds will be used for working capital, for strengthening its financial structure and for research and new drug development and/or conducting reinvestment and/or purchasing fixed assets and or supporting the company’s long-term development funding needs.

The bonds may be putable.

The pharmaceutical company is based in Taipei, Taiwan.

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