China Water & Drinks signs agreement for $50M of convertible notes
Dated: 29 January 2008
Leading producer and distributor of bottled water in the People’s Republic of China said it has signed an agreement to raise $50 million through a private placement of convertible notes.
Investors included Goldman Sachs, Liberty Harbor Master Fund I, L.P., The Pinnacle Fund, L.P. and Pinnacle China Fund, L.P., among others. The net proceeds will be used for acquisitions.
“We are extremely pleased with the successful raise of $50 million,” says Xinghua Chen, Chief Executive Officer of China Water & Drinks. “We believe there is a tremendous opportunity for us to expand our market penetration as Chinese consumers are increasingly choosing bottled water as their preferred choice of beverage.”
The convertible notes will bear an interest rate of 5.0% per annum, payable quarterly in arrears beginning March 31, 2008. The note will initially be convertible into shares of China Water and Drinks’ common stock at a conversion price of $4.25 per share.
The convertible notes issued in the private placement have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the US except pursuant to an effective registration statement filed with the Securities and Exchange Commission or pursuant to an applicable exemption from the relevant registration requirements.
The Company has agreed to file a registration statement with the SEC for the resale of the convertible notes sold in the private placement.
(3 September 2008) Tai Na International Fruits (Beijing) Co. Ltd. Establishes Strategic Cooperative Partnership with China National Green Food Industrial Limited Company Tai Na International Fruits (...
(2 September 2008) In light of Danone’s recent refocus on purity and naturality within its waters division, the company is conducting a thorough review of all potential long-term strategic options fo...
(1 September 2008) Tel-Tru has announced the release of a new line of resistance temperature detectors (RTD) probe assemblies and temperature transmitters for the demanding applications common to foo...
(1 September 2008) Baker Perkins has extended its range of EM390 rotary molders with an over-band machine designed for multi-purpose and multi-product lines. An EM390 located above the band of a she...
(1 September 2008) Krones AG has developed a new generation of aseptic cappers that improves cleanability and accessibility in PET-Asept lines while retaining hygiene advantages. There is more acces...
(1 September 2008) Vortex valves feature variable positioning of the gate blade on opening or closing strokes. They can be ordered for standard vortex orifice gates, clear action gates, roller gates...
(1 September 2008) Chocolate now has a healthy market image as there are well documented studies on the health benefits of poliphenols contained in cocoa-derived products, especially chocolates with...
(1 September 2008) The National Research Council Canada (NRC) and the Oil Crops Research Institute of the Chinese Academy of Agricultural Sciences have signed an agreement to collaborate on genetic r...
Germany's METRO Group is making plans to open its first Metro Cash & Carry wholesale store in Kazakhstan in the summer of 2009. The Group officially agreed to the investment with the Government of the Republic of Kazakhstan on Wednesday, a move which will extend METRO's activities to 33 countries.
Trent Ltd, the retail arm of the Tata group in India, is likely to invest around Rs 20billion ( €0.3 billion ) over the next five years in the roll out of 50 Star Bazaar hypermarket stores, according to Indian press reports.
The recent credit crunch has led all the major supermarket chains in the UK to increase promotions of cheap, unhealthy food, according to the country's National Consuner Council (NCC).
Auchan has published half year results for the first time as a result of new European regulations governing transparency. Although there has been a slow-down in mature markets, emerging markets remained buoyant for the French company and as a result sales for the first six months of 2008 were 9.4% higher than in 2007 reaching EUR18.7 billion.
Price promotions and the decision to only partially pass on food price inflation to customers have led to a downturn in second quarter margins for Ahold. Net sales for second quarter 2008 were EUR 5.8 billion, down 0.8% from the same period last year. At constant exchange rates, net sales increased by 7.3%.
Despite the credit crunch, drinks giant, Diageo reports another year of strong organic growth with net sales up 7% and operating profit up 9%. Sales rose to £8.09bn up from £7.48bn last year while sales volumes increased by about 3%.
