Sino-Ocean makes partial repurchase of two series of notes

By Mary-Katherine Stinson

Lexington, Ky., May 5 – Hong Kong’s Sino-Ocean Capital repurchased $64 million out of $350 million 6% guaranteed notes due 2022 (ISIN: XS2385820597) and $3 million of $500 million 6¼% guaranteed notes due 2023 (ISIN: XS2342977324) in open market purchases as of May 5, according to a notice.

The notes were issued by Mega Wisdom Global Ltd. and guaranteed by Fortune Joy Ventures Ltd. and Sino-Ocean Capital Holding Ltd.

The 2022 notes have a keepwell deed, and the 2023 notes have a letter of support from Sino-Ocean Group Holding Ltd.

The purchases represent 18.29% of the initial principal of the 2022 notes and 0.6% of the 2023 notes originally issued.

As of May 5, Sino-Ocean Capital has repurchased a total of $67 million of the notes.

The company stated that it will continue to monitor market conditions and its financial structure and may further repurchase the notes when appropriate.

The property developer is based in Hong Kong.

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