KKR to buy convertible bonds in Chinese water treatment firm
KKR has agreed to invest $113.8 million in convertible bonds issued by United Envirotech (UEL), a Chinese water treatment and recycling services provider. The deal could see the US private equity firm take a stake of around 38.4% in the firm.
The bonds come with a coupon of 2.5% and a tenure of five years, after which they could be converted into equity at a conversion price of S$0.450 per share. This represents a 37.3% premium on UEL's average...
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