Chinese baby formula manufacturer Biostime International plans to restructure its balance sheet through a tender offer of its outstanding HK$3.1 billion $400 million convertible debt and a new Reg S144A senior bond issue, the company said on Monday.
The move is taking place after the company spent A$1.4 billion $992 million last year acquiring a controlling 83% stake in Swisse Wellness, the Australian health supplements and vitamins company. Biostime’s cash and cash equivalents was down 64% year-on-year to Rmb1.2 billion $183 million as of the end of 2015.
The company aims to take advantage of the relatively low interest rate...
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