Xinhua Finance wraps oversubscribed tender for up to $41.7 million of 10% notes

By Jennifer Chiou

New York, March 11 - Xinhua Finance Ltd. announced that it received tenders for $48.55 million of notes in its offer for up to $41.7 million of its 10% senior guaranteed notes due 2011.

The company will accept notes on a pro rata basis.

The offer ended at 10 a.m. ET on March 6. It began on Feb. 6.

The $48.55 million of notes made up about 94.71% of the outstanding amount of notes.

On the payment date, the company said it will pay $40.13 million, which includes the total purchase price of $38.94 million and accrued interest.

Xinhua previously said it would pay par plus accrued interest, adding that it will use the net cash proceeds from the sale of certain restricted and identified restricted subsidiaries for the offer.

Xinhua already said it will not spend more than $42.98 million in the offer, including accrued interest.

There was no minimum tender condition.

The Bank of New York Mellon (exchangeoffers@bnymellon.com; fax 44 207 964 2536; phone 44 207 964-7292 and/or 44 207 964 6511) was the information and tender agent.

Xinhua is a Beijing-based media group.

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