XJ International struggling with repaying put convertible bonds

By Marisa Wong

Los Angeles, March 4 – XJ International Holdings Co., Ltd. may have difficulty in redeeming in full its zero-coupon convertible bonds due 2026, according to a company update.

The bonds were putable on March 2 at 103.04.

The company said it received redemption option notices in respect of $315.1 million aggregate principal amount of the convertible bonds on Feb. 10.

The company said that if all holders of the convertible bonds exercise their put options, it may have difficulty in redeeming all of the bonds, given the impact of the external environment policies on its financial condition.

The company is in the process of seeking external financial resources and exploring options to meet its potential financial commitments.

The company added that it is preparing for discussions with the bondholders for “feasible solutions.”

Chengdu, China-based XJ International is an investment holding company engaged in higher education and secondary vocational education services.

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