LVGEM (China) buys back $27.5 million more 12% notes due 2023

By Mary-Katherine Stinson

Lexington, Ky., March 6 – LVGEM (China) Real Estate Investment Co. Ltd. repurchased a total of $27.5 million of the 12% notes due 2023 (ISIN: XS2098347821) issued by Gemstones International, Ltd. and guaranteed by LVGEM, according to a notice on Monday.

The market purchases represent 6.702% of the outstanding principal and 6.111% of the initial principal at the time of the listing on the Singapore Exchange.

The repurchased notes will be canceled.

After cancellation, $382.8 million will be outstanding.

The company stated the repurchases will reduce the group's future financial expenses and lower its financial gearing level thus benefiting shareholders.

The $450 million 12% notes were issued March 10, 2020 with further notes issued on Nov. 6, 2020 via a tap issue, lifting the total to $470 million.

LVGEM is a property developer based in Hong Kong.

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