China’s Xinyuan Real Estate plans to repurchase $50 million notes

By Wendy Van Sickle

Columbus, Ohio, Aug. 16 – Xinyuan Real Estate Co., Ltd. plans to repurchase $50 million of its outstanding senior notes from four series, according to a 6-K filing with the Securities and Exchange Commission.

In line with its funding strategy and ongoing efforts to enhance the efficiency of its capital structure and in connection with its long-term deleveraging plan, Xinyuan said it will repurchase notes from the following series:

• Its 8 1/8% senior notes due 2019 issued on Aug. 30, 2016;

• Its 7¾% senior notes due 2021 issued on Feb. 28, 2017;

• Its 8 7/8% senior notes due 2020 issued on Nov. 22, 2017 and Dec. 1, 2017; and

• Its 9 7/8% senior notes due 2020 issued on March 19, 2018.

Notes will be selected for repurchase based on price, timing and other considerations from time to time, the company said, adding that it cannot guarantee the repurchases will be fully executed, if at all.

Based on factors including but not limited to economic value, capital costs, debt portfolio and overall market conditions, Xinyuan said it will continue to consider opportunities for additional bond repurchases.

Xinyuan is a Beijing-based real estate developer and property manager, with properties primarily in China.

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