China’s Yincheng repurchases $9 million more 12% notes

By William Gullotti

Buffalo, N.Y., Oct. 19 – Yincheng International Holding Co., Ltd. announced it repurchased another $9 million of its $200 million 12% notes due 2021 on the open market, according to a notice on Thursday.

The Oct. 18 buyback represents approximately 4.5% of the aggregate principal amount of the notes originally issued.

The repurchased notes have been canceled.

Per the notice, Yincheng may proceed with further buybacks and will announce any such activity in subsequent 5% intervals of the initial aggregate principal amount. $126 million, or approximately 63%, of the notes remain outstanding.

The Nanjing, China-based company offers development and sale of residential and commercial properties, leasing of investment properties and other real estate services.

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