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Modern Land (China) buys back some green notes due 2022, 2024
By Marisa Wong
Los Angeles, July 8 – Modern Land (China) Co. Ltd. announced it made on-market repurchases of its 11½% green senior notes due 2022 and 11.95% green senior notes due 2024 on Thursday.
Modern Land bought back $1 million, or about 0.33% of the initial principal amount, of the 2022 notes and $1 million, or about 0.36% of the initial principal amount, of the 2024 notes.
Following cancellation of the repurchased notes, $299 million of the 2022 notes and $276 million of the 2024 notes will remain outstanding.
The company said the repurchases were conducted based on market conditions and will improve its debt structure. The company may buy back more of its senior notes.
Including a recent partial buyback of its 9.8% green senior notes due 2023, the company has repurchased $4 million of its senior notes in total.
The property developer focused on green residential development is based in Beijing.
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