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New Oriental Education repurchases, cancels more 2 1/8% bonds due 2025
By William Gullotti
Buffalo, N.Y., Dec. 1 – China’s New Oriental Education & Technology Group Inc. continued its recent pattern of buybacks, announcing it repurchased more of its 2 1/8% bonds due 2025, according to a form 6-K filed with the Securities and Exchange Commission on Wednesday.
The company has now bought back $122.5 million of the bonds, or 40.8% of the initial $300 million principal amount issued, 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 $177.5 million, or 59.2%, of the bonds outstanding.
The private educational services company is based in Beijing.
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