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American Oriental to sell $85 million in notes

By Associated Press
July 7, 2008 | Comments (0)

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Pharmaceutical company American Oriental Bioengineering Inc. said Monday that it plans to sell $85 million of convertible senior notes due 2015 in a private offering.

American Oriental said it plans to use about $30 million of the proceeds from the offering to buy back shares of its common stock. The remaining net proceeds will be used for general corporate purposes, the company said.

American Oriental shares fell 49 cents, or 5.5 percent, to close at $8.45. Shares lost an additional 25 cents, or 3 percent, to $8.20 in aftermarket electronic trading.

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