China’s Xinhu Zhongbao unit repurchases $144 million 11% notes

By William Gullotti

Buffalo, N.Y., Oct. 20 – Xinhu Zhongbao Co., Ltd. subsidiary Xinhu (BVI) 2018 Holding Co. Ltd. repurchased $144 million of its 11% guaranteed senior notes due 2021 (ISIN: XS1917914282), according to an announcement on Wednesday.

The purchase was conducted through the company’s wholly-owned subsidiary Hong Kong Xinhu Investment Co., Ltd. in two parts. $50 million of the notes were repurchased on Sept. 13. A second $94 million buyback took place on Oct. 12.

The two repurchases represent approximately 64% of the aggregate principal amount of outstanding notes, leaving $81.1 million outstanding.

The company reported that all repurchased notes were canceled at the time of the announcement.

The company is based in Hangzhou, China.

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