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China Medical nets $233mm through sale of senior notes

Executive Summary

In a public offering that was initially slated for $150mm, China Medical Technologies (FISH diagnostics and high-intensity focused ultrasound) netted $233mm through the sale of $240mm aggregate amount of its 4% senior notes that are due in 2013. The notes convert into ADSs at $58.80. (The company's ADSs were trading at $49.66 at the time of the sale.) China Medical also announced that it will enter into ADS issuance and repurchase agreements with underwriter affiliates, selling up to 4.7mm ADSs, for which China Medical will not receive any proceeds.
Deal Industry
  • Medical Devices
  • Medical Devices
    • Surgical Equipment & Devices
      • Minimally or Less Invasive
    • Diagnostic Imaging Equipment & Supplies
      • Ultrasound
  • In Vitro Diagnostics
    • Chemistry, Immunoassay
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • FOPO

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