Hong Kong's Xpress to redeem all 15% bonds due 2016 on April 30

By Marisa Wong

Madison, Wis., March 28 - Xpress Group Ltd. said it will redeem all HK$105,633,400 of its outstanding 15% bonds due 2016 on April 30.

The bonds will be redeemed at 101% of par plus accrued interest to the redemption date for a total early redemption amount of HK$824.77 for each HK$800 principal amount.

The company said the purpose of the redemption is to reduce its going forward interest expense and finance cost and to improve its debt position.

Xpress is an investment holding company that primarily operates hotels and is based in Hong Kong.

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