China’s Zhongliang buys back $56.2 million more notes from two series

By William Gullotti

Buffalo, N.Y., Nov. 12 – Zhongliang Holdings Group Co. Ltd. made partial repurchases of notes from two series of notes for total repurchases of $56.18 million between Nov. 2 to Nov. 11, according to notices on Friday.

Specifically, the company purchased $46,372,000 more of its 8 7/8% notes due November 2021, representing about 23.19% of the issue, and $9.81 million of its 7½% senior notes due January 2022, representing about 3.92% of the issue.

To date, the company has repurchased $103,472,000, or 51.74%, of the 8 7/8% notes issued and $21.81 million, or 8.72%, of the 7½% senior notes issued.

The company may or may not cancel the repurchased notes and may repurchase more.

Additionally, the company announced that it remitted all necessary funds to repay the outstanding principal and interest for the remaining 8 7/8% notes on their Nov. 22 maturity date.

Zhongliang is a residential property management company based in Shanghai.

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