Kohlberg Kravis Roberts & Co. will invest $113.8 million in convertible bonds of Chinese water treatment firm United Envirotech, Reuters reported. The bond investment will have a five-year tenure and could later be converted into equity shares, Reuters wrote.
(Reuters) – Private equity firm KKR & Co. said on Monday it would invest $113.8 million in convertible bonds of water treatment firm United Envirotech, as it seeks to tap China’s fast growing water treatment industry.
The 2.5 percent coupon convertible bond investment will have a five-year tenure and could be converted into equity shares at a conversion price of S$0.450 per share, which represents a 37.3 percent premium to S$0.328 per share, being the average closing price for trades done for the last 30 trading days, KKR said in a statement.
(Reporting by Stephen Aldred; Editing by Ken Wills)