New Oriental Education repurchases, cancels more 2 1/8% bonds

By Rebecca Melvin

Concord, N.H., Nov. 24 – China’s New Oriental Education & Technology Group Inc. announced it repurchased more of its 2 1/8% bonds due 2025, according to a regulatory notice on Wednesday.

The company has now repurchased $91.5 million, or 30.5%, of the initial principal amount of the bonds, which were listed on the Hong Kong Stock Exchange on July 13, 2020.

The previous tally of last week’s repurchases was 25.2%. The company began repurchasing the bonds early this month, according to company announcements.

After cancellation of the most recently repurchased bonds, there will be $208.5 million, or 69.5%, of the issue remaining outstanding.

The private educational services company in China is based in Beijing.

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