China Oriental Group buys back $19.6 million more 8% senior notes

By Marisa Wong

Madison, Wis., May 12 – China Oriental Group Co. Ltd. said it has further purchased a total of $19,597,000 of its 8% guaranteed bonds due August 2015 through open market transactions.

Of the total amount recently purchased, in the period from March to May 12, $7,097,000 of the 8% notes are held in treasury by the company pending cancellation.

The company said it had previously repurchased portions of the 8% notes along with portions of its 7% guaranteed bonds due November 2017.

After cancellation of the most recently purchased notes, $332,253,000 of the 8% notes and $139,268,000 of the 7% notes will remain outstanding.

China Oriental is an iron and steel producer is based in Hong Kong.

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