China Evergrande to redeem 4.25% convertible bonds due 2023

By Rebecca Melvin

New York, Jan. 19 – China Evergrande Group announced that it will redeem early and cancel its 4.25% convertible bonds due 2023, according to a notice.

There is HK$16.1 billion principal amount currently outstanding, and the company has arranged internal funds of HK$16.545 billion to pay the principal and accrued interest on Feb. 10.

The original HK$18 billion deal was issued on Jan. 31, 2018.

The company said that its goal this year is to reduce interest-bearing debt by RMB 150 billion.

China Evergrande is a real estate development company based in Guangzhou, China.

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