Yunnan Energy buys back some perpetuals, 4¼% bonds due 2021, 2022

By Rebecca Melvin and William Gullotti

Concord, N.H., Aug. 17 – China’s Yunnan Energy Investment Overseas Finance Co., Ltd. repurchased an additional 1.4% principal amount of its original $150 million of guaranteed perpetual capital securities in June. The securities are guaranteed by Yunnan Provincial Energy Investment Group Co. Ltd.

The issuer also repurchased an additional $6.25 million, or 2.08%, of its original $300 million of 4¼% bonds due 2022 between June and August. The notes are also guaranteed by Yunnan Provincial Energy Investment Group.

In addition, it repurchased an additional $27.5 million, or 21.2%, of its original $130 million of 4¼% bonds due 2021 in July and August. These notes are guaranteed by Yunnan Energy Investment (HK) Co. Ltd.

According to three notices with the Stock Exchange of Hong Kong Ltd., the total amount of perpetual securities repurchased in the open market is $15.05 million, or 10.03%, of the initial principal amount; the total amount of the 2022 bonds repurchased in the open market now stands at $35.4 million, or 11.8% of the original principal amount; and the total amount of the 2021 bonds repurchased in the open market is up to $52.1 million, or 40.08% of the original principal amount.

As of Tuesday, the repurchased bonds had not been canceled.

The issuer is a Kunming, China-based supplier of steel, iron ore, coal, sand and gravel that also works in transportation, construction, technology and other sectors.

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