Winsway buys back debt/bonds

Winsway Coking Coal Holdings Ltd - a Chinese importer of coal for steelmakers - is buying back debt for as little as a third of its issue price after bondholders agreed to a sweetened tender offer. Bondholders of the company, which Moody's Investors Service warned in September had a liquidity buffer of less than three months, tendered $153.6 million, or 33 percent, of its outstanding 8.5 percent notes due in April 2016 for repurchase. The company had offered to buy back all of the notes. About 68.6 percent of holders agreed changes to the bond's covenants after Winsway last month modified terms of the buyback and extended its deadline.

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