China’s Xinyuan Real Estate repurchases some notes from four series

By Taylor Fox

New York, Sept. 14 – Xinyuan Real Estate Co., Ltd announced on Monday the partial repurchase and cancellation of four series of senior notes.

During the period from March 3, 2020 to Sept. 10, Xinyuan made on-market repurchases of $5.5 million of 14.2% senior notes due 2021 (ISIN: XS1943449022) and $5 million of 7¾% senior notes due 2021 (ISIN: XS1567240418).

After cancellation of the repurchased notes on Sept. 10, $292 million of the 14.2% notes and $258.8 million of the 7¾% notes remain outstanding.

Xinyuan had previously repurchased $2 million of the 7¾% notes on Feb. 14, 2020, according to a separate notice on Monday.

On Feb. 14, 2020, the company also bought back $4.05 million of 9 7/8% senior notes due 2020 (ISIN: XS1789514756) and $900,000 of 8 7/8% senior notes due 2020 (ISIN: XS1718488064) through on-market transactions.

After cancellation of those notes on Feb. 14, 2020, $120.05 million of the 9 7/8% notes and $298.4 million of the 8 7/8% notes remained outstanding.

In January 2020, Xinyuan had announced plans to repurchase up to $50 million of its outstanding senior notes, as previously reported.

The program went into effect Jan. 20, 2020 and is valid through Dec. 31, 2021, replacing a repurchase authorization program that expired Dec. 31, 2019.

Xinyuan is a Beijing-based real estate developer and property manager, with properties primarily in China.

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