361 Degrees repurchases more of its bonds
HONG KONG, Nov 22 (IFR) - Chinese sportswear maker 361 Degrees International has made a further repurchase of its 7.25% US dollar bonds due 2021.
In a stock exchange filing, the Hong Kong-listed company said it has bought US$44.75m of the 7.25% 2021s in the open market, including the US$11m it disclosed in early June. The repurchased bonds account for 11.19% of the original issue size of US$400m for the 2021s.
All the repurchased notes have been or will be cancelled and the outstanding size of the 2021s will be reduced to US$355.25m after the cancellation, it said.
361 Degrees said it may further repurchase outstanding notes in the open market "if and when appropriate, taking into account factors such as market conditions and the price of the notes".
Research firm CreditSights viewed the repurchase as mildly positive, saying it is relatively small and unlikely to fully assuage investor concerns following the surprise resignation of auditor KPMG earlier this month. CreditSights maintains an "underperform" stance on the notes.
361 Degrees is rated BB– by both S&P and Fitch.
(Reporting by Carol Chan; Editing by David Holland)
((C.Chan@thomsonreuters.com; +852 2912 6604;))
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