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Xinhu Zhongbao unit repurchases, cancels some 11% notes due 2021, 2022
By Rebecca Melvin
Concord, N.H., Nov. 3 – Xinhu (BVI) 2018 Holding Co. Ltd. repurchased and cancelled a portion of its 11% guaranteed senior notes due 2021 (ISIN: XS1917914282) and 11% guaranteed senior notes due 2022 (ISIN: XS1957513077), according to an announcement on Wednesday.
The notes are guaranteed by Xinhu Zhongbao Co., Ltd.
The 2021 notes that were repurchased on Sept. 30 and Oct. 12 for $6 million and $15 million, respectively, represent about 25.9% of the issue. The repurchased notes were cancelled on Nov. 2, and $60.1 million of the issue remains outstanding.
The 2022 notes were repurchased in May 2019 and March 2020 for $10 million and $7 million respectively, or about 10% of the issue. They were also cancelled on Tuesday, and as of Nov. 3, there is $171.7 million principal amount of the 2022 notes remaining.
The company is based in Hangzhou, China.
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