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China’s Jingrui buys back $20.5 million more 13¼% notes due 2018
By Marisa Wong
Morgantown, W.Va., Nov. 15 – Jingrui Holdings Ltd. said it repurchased $20.5 million of its 13¼% notes due 2018 on Monday.
The total purchase price was $21.9 million, including accrued interest, according to a company announcement.
The company made similar buybacks in July and September.
Following the latest repurchase, the outstanding amount is $64.8 million, or 43.2%, of the $150 million initial principal amount.
The buybacks will reduce future financial expenses and lower the company’s financial gearing level, according to the announcement.
Jingrui is a Shanghai-based property developer.
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