June 29, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Synutra International, Inc. (NASDAQ: SYUT), a Chinese provider of nutritional products for infants, children and adults, has priced a public offering of 3.3 million common shares at $19 per share. Oppenheimer & Co. (NYSE: OPY) and Roth Capital Partners are acting as joint bookrunners.

The underwriters have been granted a 30-day option to purchase up to 495,000 additional shares from the company to cover over-allotments, if any. The offering is scheduled to close on or about June 30, 2010, subject to customary closing conditions.

Synutra said it will see net proceeds of around $59.565 million, not including the over-allotment option, after deducting underwriting discounts and commissions and estimated offering expenses payable by the company.

The company plans to use up to $35 million from the net proceeds to repay debt outstanding under its credit agreement with RBS, and the remainder for general corporate purposes.

China-based Synutra International is an infant formula company in China. It principally produces, markets and sells its products under the "Shengyuan" or "Synutra" name, together with other complementary brands.

As of March 31, 2010, the firm’s sales network comprised over 540 independent distributors and over 1,000 independent sub-distributors who sell Synutra products in over 71,000 retail outlets.

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