KKR to invest US$113.8m in Envirotech convertible bonds

Private equity firm KKR & Co (KKR.N) said on Monday it would invest US$113.8 million ($136.8 million) in convertible bonds of water treatment firm United Envirotech (UNIT.SI), as it seeks to tap China's fast growing water treatment industry.

The 2.5% coupon convertible bond investment will have a five-year tenure and could be converted into equity shares at a conversion price of $0.450 per share, which represents a 37.3% premium to $0.328 per share, being the average closing price for trades done for the last 30 trading days, KKR said in a statement.