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American Oriental Bioengineering Proposes Offering of $85 Million of Convertible Notes
Date:7/7/2008

NEW YORK, July 7 /PRNewswire-FirstCall/ -- American Oriental Bioengineering, Inc. (NYSE: AOB) today announced its intention to offer, subject to market conditions and other factors, $85 million aggregate principal amount of Convertible Senior Notes due 2015 to qualified institutional buyers in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").

AOB currently expects to use approximately $30 million of the proceeds from the offering to repurchase shares of its common stock pursuant to a prepaid forward share repurchase transaction with an affiliate of the placement agent, as counterparty. AOB expects to use the remaining net proceeds from the offering for general corporate purposes, including for working capital purposes and to fund possible acquisitions of and investments in complementary businesses and products. In connection with the prepaid forward repurchase transaction, AOB has been advised that the counter party may enter into various derivative transactions or purchase or sell shares of AOB's common stock concurrently with or following the offering of the convertible notes. The counterparty has also advised AOB that it may enter into, or unwind, various derivatives or purchase or sell shares of AOB's common stock in secondary-market transactions following the offering of the convertible notes. These activities may have the effect of increasing, or preventing a decline in, the market price of AOB's common stock concurrently with or following the offering of the convertible notes. In addition, any hedging transactions by the counterparty following the offering of the convertible notes may have an adverse impact on the trading price of AOB's common stock
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SOURCE American Oriental Bioengineering, Inc.
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