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New Oriental Education buys back a portion of 2 1/8% bonds due 2025
By Mary-Katherine Stinson
Lexington, Ky., Nov. 8 – China’s New Oriental Education & Technology Group Inc. announced it repurchased $46.5 million of its 2 1/8% bonds due 2025 on Monday, according to a 6-K filed with the Securities and Exchange Commission.
The partial repurchase represented 15.5% of the originally issued $300 million principal amount of the bonds, which were listed on the Hong Kong Stock Exchange in July 2020.
The repurchased bonds will be canceled in accordance with the terms of the bonds, the trust deed and the agency agreement.
After the cancellation of the repurchased bonds, there will be $253.5 million, or 84.5% of the issue, remaining outstanding.
The private educational services company in China is based in Beijing.
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