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China Agri-Products buybacks of 1% notes due 2024 now total 85%
By Mary-Katherine Stinson
Lexington, Ky., Dec. 1 – China Agri-Products Exchange Ltd. repurchased another HK$20 million of its 1% notes due 2024 (ISIN: XS1073451913) in open-market purchases on Oct. 20 and Dec. 1, according to a company announcement.
These repurchases represent 5% of the original HK$400 million, which were issued in several tranches in 2014 under its HK$1 billion medium-term note program. Altogether, 85% of the notes have now been repurchased.
The company completed the cancellation of HK$10 million of the notes from the Oct. 20 repurchase on Nov. 2. The notes purchased on Dec. 1 will be canceled as soon as practicable.
The repurchases were funded by the internal resources of the company.
After cancellation, HK$60 million will remain outstanding, representing approximately 15% of the notes’ initial aggregate principal amount.
The agricultural trading company is based in Hong Kong.
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