Sino-Forest will repay outstanding balance of 9.125% senior notes due 2011; company has deposited principal amount of US$87.7M plus interest with paying agent Citibank
August 15, 2011
– Sino-Forest Corporation (TSX:TRE.to - News) ("Sino-Forest" or the "Company"), a leading commercial forest plantation operator in China, today announced that it will repay the outstanding balance of its 9.125% Guaranteed Senior Notes due 2011 (the "2011 Notes"), plus accrued interest, at maturity on August 17, 2011. The 2011 Notes are listed on the Singapore Exchange Securities Trading Limited (the "SGX-ST").
Sino-Forest has deposited the principal amount of the 2011 Notes, being US$87,670,000, together with accrued interest, with Citibank, N.A., the paying agent under the Indenture governing the 2011 Notes. Following the repayment, the 2011 Notes will be cancelled and de-listed from the SGX-ST.
Sino-Forest Chairman & CEO Allen Chan said, "We would like to take this opportunity to thank our bondholders for their long-term support of Sino-Forest."
Questions regarding the repayment should be directed to Law Debenture Trust Company of New York.
About Sino-Forest Corporation
Sino-Forest Corporation is a leading commercial forest plantation operator in China. Its principal businesses include the ownership and management of tree plantations, the sale of standing timber and wood logs, and the complementary manufacturing of downstream engineered-wood products. Sino-Forest also holds a majority interest in Greenheart Group Limited (HKSE:00094), a Hong-Kong listed investment holding company with assets in Suriname (South America) and New Zealand and involved in sustainable harvesting, processing and sales of its logs and lumber to China and other countries. Sino-Forest's common shares have been listed on the Toronto Stock Exchange under the symbol TRE since 1995. Learn more at www.sinoforest.com.