Nine Dragons' buyback attracts little extra interest

The company achieves a 58% acceptance rate for its bond buyback tender which closed on Monday û only marginally more than the 57% tendered by the early deadline.

Nine Dragons Paper said yesterday that it will buy back a total of 58% of its 7.875% senior bonds due 2013 after its month-long buyback tender closed at the end of London trading on Monday. This is only marginally more than the 57% acceptance rate that it achieved before the original early tender deadline in February and confirms that investors who are interested in cutting their losses by selling back bonds at a reduced price will typically make up their...

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