China South City buys back $9.8 million of three series of notes

By Rebecca Melvin

Concord, N.H., July 2 – China South City Holdings Ltd. said it repurchased $9.8 million principal amount of three series of senior notes, according to a company announcement.

The repurchases included:

• $5.8 million principal amount, or about 1.66% of the principal amount, of notes due September 2021;

• $2 million principal amount, or 0.57%, of 11˝% notes due February 2022; and

• $2 million principal amount, or 0.57%, of 10 7/8% notes due June 2022.

After the cancellation of the repurchased notes, the outstanding principal amount of September 2021 notes, February 2022 notes and June 2022 notes will be $326.9 million, $348 million and $348 million, respectively.

The repurchases were conducted based on the market condition and they were undertaken to improve the company’s debt structure.

Hong Kong-based China South City develops and operates integrated logistics and trade centers in China.

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