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Fufeng buys back RMB 96 million of 4.5% convertible bonds due 2015
By Marisa Wong
Madison, Wis., Oct. 15 - Fufeng Group Ltd. said it repurchased RMB 64 million and RMB 32 million of its 4.5% convertible bonds due 2015 through over-the-counter purchases on Oct. 9 and Oct. 11, respectively.
Settlement for the repurchased bonds was slated for Oct. 12 and Oct. 17.
Following those two transactions, RMB 929 million principal amount of the convertible bonds remains outstanding.
The Jinan, Shandong, China-based company issued RMB 820 million of the convertibles in March 2010 and an additional RMB 205 million of the bonds in April 2010 from a greenshoe exercise.
Fufeng manufactures bio-products, including monosodium glutamate (MSG), xanthan gum and fertilizer.
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