XJ International seeks options to fund convertible redemption

By Mary-Katherine Stinson

Lexington, Ky., Feb. 22 – XJ International Holdings Co., Ltd. said it is “seeking external financial resources and exploring different options” to fund the optional redemption of its convertible bonds, according to a notice.

Based on redemption notices received on Feb. 10, holders exercised their put option for $315.1 million of the bonds. The put bonds were to be redeemed on March 2 at 103.04.

However, the company warned should all bondholders elect to exercise their redemption options, the company may have difficulty in fully redeeming all the convertibles, citing the impact of “external environment and policies.”

The notice stated the company was also preparing for discussions with the bondholders with the goal of reaching a feasible solution.

Chengdu, China-based XJ International is an investment holding company engaged in higher education and secondary vocational education services. It was formerly known as Hope Education Group Co., Ltd.

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