Hong Kong’s Hengdeli cancels $11.2 million of 6¼% notes after buyback

By Susanna Moon

Chicago, Dec. 21 – Hengdeli Holdings Ltd. canceled repurchases for $11.2 million principal amount of its outstanding $350 million 6¼% senior notes due 2018.

Hengdeli made the repurchases during the period since September 2015 for a total price of $10,955,625 including accrued interest, according to the company update.

The company had bought back $4 million of the notes as of Dec. 31, 2015 and $7.2 million of the notes as of June 30.

The repurchased notes were canceled on Tuesday.

After the cancellation, there is $211,428,000, or 60.41%, of the initial principal amount of the notes left outstanding.

The company said it may or may not purchase more of the notes.

As noted, Hengdeli had received tenders for $127,372,000, or 36.39%, of the outstanding 6¼% senior notes due 2018 at the end of its tender at 10 a.m. ET on June 22.

The purchase price was $1,012.50 for each $1,000 principal amount for an aggregate purchase price of $128,964,150, along with accrued interest of $25.694444 per $1,000 principal amount.

The company had offered to repurchase up to $175 million of the 6¼% notes.

Hong Kong-based Hengdeli is a watch retailer and wholesaler.

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