China Shanshui to buy back two outstanding senior notes due 2016, 2020

China Shanshui to buy back two outstanding senior notes due 2016, 2020
Published: 14 January 2016

Tagged Under: China China Shanshui Cement 

China Shanshui Cement Group Ltd  said Thursday it offered to buy back the outstanding amount of two senior notes valued at US$528.9m from investors.

The Hong Kong-listed cement maker said it plans to buy back outstanding notes due 2016 and 2020 at 101 per cent of the principal amount plus accrued and unpaid interest in cash.

The 2016 and 2020 notes have an outstanding amount of US$28.9m and US$500m, respectively, it said.

The early redemption comes amid a power struggle after Tianrui Group gained control of the company and ousted eight directors at an extraordinary general meeting on 1 December.

China Shanshui said it has received assurances from Tianrui that the company has sufficient funds to comply with its financial and other obligations. (Source: Dow Jones)