Zhenro Properties repurchases notes from three series due 2022

By William Gullotti

Buffalo, N.Y., Nov. 4 – China’s Zhenro Properties Group Ltd. announced partial repurchases of senior notes from three series due 2022 on Thursday.

Zhenro repurchased the following in the open market:

• $2 million, or 0.8%, of its $250 million 6½% senior notes due 2022 (ISIN: XS2383329237);

• $2 million, or 0.67%, of its $300 million 8.7% senior notes due 2022 (ISIN: XS2050860308); and

• $2 million, or 0.91%, of its $220 million 5.98% senior notes due 2022 (ISIN: XS2329241447).

The cumulative totals of the repurchased notes are:

• $5.5 million, or 2.2% of the initial issue, of the 6½% senior notes;

• $9 million, or 3% of the initial issue, of the 8.7% senior notes; and

• $4.5 million, or 2.045% of the initial issue, of the 5.98% senior notes.

The purchased notes may or may not be canceled, the company said.

The Shanghai-based real estate developer and property manager added that it may further repurchase its senior notes, depending on market conditions and its financial structure.

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