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China Oceanwide expects US$45.1M in net proceeds from debt securities disposal

China Oceanwide Holdings Ltd., through a subsidiary, is expected to raise roughly US$45.1 million of net proceeds from the disposal of US$11.0 million in 3.25% notes and US$31.0 million in 4.625% notes in the open market.

Specifically, the company's China Oceanwide International Capital Investments Management Ltd. subsidiary hopes to rake in US$11.4 million and US$33.7 million, respectively, from shedding off the two series of debt securities due 2022.

The expected net proceeds from the disposal will be used to finance the daily operation and business development expenses of China Oceanwide and its subsidiaries, the company said in a filing.

Following the disposal, which will see about 52% of the group's entire 3.25% notes and 4.625% notes sold, US$39.0 million in 4.625% notes will remain with the group.