China's Lonking buys back $12 million of 8½% notes due 2016

By Marisa Wong

Madison, Wis., Dec. 17 - Lonking Holdings Ltd. said it repurchased $12 million of its outstanding $280.36 million 8½% senior notes due 2016 on Nov. 13.

The notes were purchased for a total price of $12,565,000 plus accrued interest in over-the-counter market transactions. The purchase prices ranged from 104.5 to 105.

The amount of notes repurchased represents 4.28% of the total outstanding principal amount of the bonds.

Lonking is a construction machinery manufacturer based in Fujian, China. The company originally issued $350 million of the notes in June 2011.

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