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New Oriental Education repurchases, cancels more 2 1/8% bonds
By Mary-Katherine Stinson
Lexington, Ky., Nov. 29 – China’s New Oriental Education & Technology Group Inc. continued its recent pattern of buybacks, announcing it has now repurchased $111.5 million more of its 2 1/8% bonds due 2025, according to a notice on Monday.
The repurchased bonds will be canceled in accordance with the terms of the bonds, trust deed and agency agreement.
With this most recent purchase, the company has now bought back 37.2% of the initial $300 million principal amount of the bonds, which were listed on the Stock Exchange of Hong Kong Ltd. on July 13, 2020.
After cancellation of the most recently repurchased bonds, there will be $188.5 million, or 62.8%, of the bonds outstanding.
The private educational services company is based in Beijing.
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