China Youran Dairy trims conversion price of convertibles

By Mary-Katherine Stinson

Lexington, Ky., May 17 – China Youran Dairy Group Ltd. trimmed the conversion price of its $460 million convertible bonds, according to an announcement.

The conversion price was adjusted to $0.44290 per share from $0.44605 per share.

The adjustment was made in response to a shareholder-approved final dividend of RMB 0.022 per share, equivalent to $0.003154 including tax, and will take effect May 26.

As of May 17, the total principal amount of outstanding notes is $174 million.

Based on the adjusted conversion price, the maximum number of shares to be issued by the company upon full conversion of the convertible notes will be increased to 392,865,206 shares from 390,090,796 shares.

China Youran is a Hohhot, China-based dairy products manufacturing company.

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