Sino-Forest Corporation Announces Details of Convertible Senior Note Offering

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. WIRE SERVICES/ TORONTO, July 18 /CNW/ - Sino-Forest Corporation (the "Company") (TSX: TRE and TRE.S) today announced the details of its convertible senior note offering. The Company has entered into a purchase agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse Securities (USA) LLC whereby the Company has agreed to sell, subject to customary conditions, US$300 million of convertible senior notes plus a 15% over-allotment option in the international markets. The notes shall bear interest at a rate of 5.0% per annum, payable semi-annually and shall mature on August 1, 2013. The notes will be convertible into common shares of the Company at a conversion price of US$20.29 (Cdn$20.32) per share, equivalent to a... [read full story]