Redsun Properties repurchases another $2 million 13% notes due 2021

By Mary-Katherine Stinson

Lexington, Ky., Oct. 18 – Redsun Properties Group Ltd. bought back another $2 million of its 13% senior notes due 2021 on the open market in two separate $1 million purchases on Oct. 15 and Oct. 18, according to a notice.

The repurchase of the notes represents 2% of the $100 million notes originally issued in October 2019.

All the repurchased notes have been or will be canceled.

After the cancellation there will be $83 million of the notes outstanding.

As of Monday’s announcement, Redsun has cumulatively repurchased $17 million of the 2019 notes. This represents 17% of the total principal amount.

The company has said it will make an announcement for every subsequent 5% interval of initial total principal amount purchased of the notes.

The Nanjing, China-based real estate developer is a subsidiary of Hong Yang Group Co. Ltd.

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