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New Oriental Education repurchases, cancels more 2 1/8% bonds
By Rebecca Melvin
Concord, N.H., Nov. 24 – China’s New Oriental Education & Technology Group Inc. announced it repurchased more of its 2 1/8% bonds due 2025, according to a regulatory notice on Wednesday.
The company has now repurchased $91.5 million, or 30.5%, of the initial principal amount of the bonds, which were listed on the Hong Kong Stock Exchange on July 13, 2020.
The previous tally of last week’s repurchases was 25.2%. The company began repurchasing the bonds early this month, according to company announcements.
After cancellation of the most recently repurchased bonds, there will be $208.5 million, or 69.5%, of the issue remaining outstanding.
The private educational services company in China is based in Beijing.
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