Lee & Man repurchases $23.83 million 5˝% perpetuals

By William Gullotti

Buffalo, N.Y., Oct. 11 – Hong Kong’s Lee & Man Paper Manufacturing Ltd. reported buying back $23.83 million of its outstanding 5˝% senior perpetual capital securities (ISIN: XS1993771325), according to an announcement on Wednesday.

The repurchases occurred on the open market since Dec. 21, 2022, following the settlement of its then-reported cash tender offer for the securities that left $240.58 million principal amount outstanding of the initial $300 million issued in 2019.

The $23.83 million bought back represents 7.94% of the initial issue. Of that amount, $13.63 million has been canceled, with the remaining $10.2 million is expected to be canceled on Oct. 12.

Following the anticipated Thursday cancellation, $216.75 million aggregate principal amount of the perpetuals will remain outstanding, representing 72.25% of the initial amount issued.

The announcement indicated that further buybacks may be possible, which will be announced if and after each subsequent 5% of the initial amount is repurchased.

Hong Kong-based Lee & Man is a paper and packaging producer.

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