China Huarong repurchases more guaranteed notes from five series

By William Gullotti

Buffalo, N.Y., Sept. 21 – China Huarong International Holdings Ltd., in its capacity as guarantor for its parent company China Huarong Asset Management Co., Ltd., updated buybacks of its guaranteed notes, according to a notice on Thursday.

As previously reported on Sept. 30, 2022 and updated on Tuesday, the company commenced buybacks of guaranteed notes and guaranteed perpetuals involving 23 series of notes.

As of Sept. 21, the guarantor reported open market purchases totaling:

• $105,652,000, or about 15.09%, of the $700 million 4½% guaranteed notes due May 2029;

• $75,475,000, or about 15.1%, of the $500 million 3 7/8% guaranteed notes due November 2029;

• $141 million, or about 20.14%, of the $700 million 3 3/8% guaranteed notes due February 2030;

• $73 million, or about 20.86%, of the $350 million 3 5/8% guaranteed notes due September 2030; and

• $160.17 million, or about 22.88%, of the $700 million 4.95% guaranteed notes due November 2047.

The repurchased notes have been canceled.

After cancellation, the outstanding amount of the 4½% notes due 2029 will be $594,348,000, the outstanding amount of the 3 7/8% notes due 2029 will be $424,525,000, the outstanding amount of the 3 3/8% notes due 2030 will be $559 million, the outstanding amount of the 3 5/8% guaranteed notes due 2030 will be $227 million, and the outstanding amount of the 4.95% notes due 2047 will be $539.83 million.

According to the notice, there is no assurance on the timing, amount or price of any purchase of notes. Likewise, the notice indicated that it is possible that the company, subsidiaries included, may elect to not buy back any notes at all.

The state-owned asset manager is based in Beijing.

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