Merrill Lynch completes pre-IPO CB for Chinese water utility firm

Terms on the $150 million convertible for Golden State Environment set to ensure IPO happens in the second half of 2008.

Joining a growing trend within pre-IPO financing, Golden State Environment Group has raised $150 million from a convertible bond to pay for its continued expansion before going public in 2008.

The China-based company is in the business of water supply and waste treatment and is one of the few players who has been participating in the governmentÆs privatisation efforts in more than one city.

The CB, which was arranged by Merrill Lynch and sold through a private placement, has...

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