FOSHAN, China, July 28, 2021 /PRNewswire/ — Bright Scholar Education Holdings Limited ("Bright Scholar," the "Company," "we" or "our") (NYSE: BEDU) a global premier education service company, today announced that its board of directors (the "Board") authorized the management to repurchase the Company’s senior notes listed on the Stock Exchange of Hong Kong for an aggregated amount of up to US$30 million.
"We are pleased that the Board has authorized this program as our debt represents a very attractive investment opportunity," said Jerry He, Executive Vice Chairman of Bright Scholar. "This program demonstrates the Board’s confidence in our business model, our strong financial position and the sustainable strengthen of our free cash flow. We will leverage the repurchase program to optimize our debt structure while maintaining liquidity to support our long-term business growth."
Under the program, Bright Scholar may purchase debt from time to time in compliance with regulations and other legal requirements, and subject to market conditions and other factors. The repurchase program does not hold any specific limitations and may be suspended or terminated at any time.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any notes or any other securities, nor will there be any sale of the notes or any other security in a jurisdiction in which such an offer or sale would be unlawful.
About Bright Scholar Education Holdings Limited
Bright Scholar is a global premier education service company, dedicated to providing quality international education to global students and equipping them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education. Bright Scholar also complements its international offerings with Chinese government-mandated curriculum for students who wish to maintain the option of pursuing higher education in China. As of May 31, 2021, Bright Scholar operated 107 schools across twelve provinces in China and eight schools overseas, covering the breadth of K-12 academic needs of its students.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
GCM Strategic Communications