China Medical Technologies Inc., a Beijing-based maker of tumor treatments, and systems to detect SARS, diabetes and thyroid disorders, said it will sell $125 million of convertible senior subordinated notes due 2011 to institutional buyers through a private placement.

The company said it granted the initial purchaser an option to purchase up to an additional $25 million notes. The notes will mature on Nov. 15, 2011, and will bear interest at the rate of 3.5 percent per year, payable semiannually. The notes are convertible into China Medical's American depositary shares at a conversion rate of about $32.23 per ADS.

China Medical said it will use net proceeds from the offering to repurchase about $30 million of its ADSs, as well as for general corporate purposes and acquisitions of businesses, products and technologies.

Source:佚名