Nine Dragons Paper (HKG:2689) launched a tender offer to buy back any of its outstanding capital securities under a $400 million issue, according to a Monday filing with the Hong Kong bourse.
The repurchased senior perpetual securities, which carry an interest rate of 14%, will be cancelled, the paper maker said.
As of Monday, three executive directors of the company and/or their associates hold roughly 81% of the outstanding principal amount of the securities.
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