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China ITS buys back additional 10% guaranteed bonds due 2015
By Marisa Wong
Madison, Wis., May 29 - China ITS (Holdings) Co., Ltd. said it purchased an additional RMB 7 million of its 10% guaranteed bonds due 2015 on May 20.
The purchased bonds were canceled on May 29, leaving RMB 109 million of the original RMB 210 million principal amount outstanding, according to a company announcement.
The company purchased and canceled an initial RMB 20 million of the bonds in May 2013, another RMB 25 million on Jan. 6, RMB 16 million more on Feb. 14, another RMB 20 million on April 29 and an additional RMB 13 million on April 30, as previously reported.
The company said it purchased the bonds in the interest of the company and its shareholders. The company believes the transaction will reduce its future financial expenses and lower its financial gearing level.
China ITS is a Beijing-based transportation management system.
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