BEIJING, June 24, 2020 /PRNewswire/ -- New Oriental
Education & Technology Group Inc. (the "Company" or "New
Oriental") (NYSE: EDU), the largest provider of private educational
services in China, today announced
the pricing of its offering of US$300
million aggregate principal amount of its 2.125% notes
due 2025. The notes are being offered outside the United States in reliance on Regulation S
under the Securities Act of 1933, as amended (the "Securities
Act"), and are expected to be listed on the Hong Kong Stock
Exchange. The Company expects to receive net proceeds from the
offering of approximately US$297.1
million, after deducting joint bookrunners' commissions and
estimated offering expenses. The Company intends to use the net
proceeds from the offering for general corporate purposes.
The joint bookrunners of the offering are BofA Securities and
UBS AG Hong Kong Branch.
The notes have been offered outside the United States in reliance on Regulation S
under the Securities Act. The notes have not been and will not be
registered under the Securities Act or the securities laws of any
other place, and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities, nor shall
there be a sale of the securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
This press release contains information about the pending
offering of the notes, and there can be no assurance that any of
the offerings will be completed.
About New Oriental
New Oriental is the largest provider of private educational
services in China based on the number of program
offerings, total student enrollments and geographic presence. New
Oriental offers a wide range of educational programs, services and
products consisting primarily of language training and test
preparation, primary and secondary school education, online
education, content development and distribution, overseas study
consulting services, pre-school education and study tour. New
Oriental's ADSs, each of which represents one common share,
currently trade on the New York Stock Exchange under the
symbol "EDU."
For more information about New Oriental, please
visit http://www.neworiental.org/english/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the description of the proposed offering in
this announcement contains forward-looking statements. New Oriental
may also make written or oral forward-looking statements in its
reports filed or furnished to the U.S. Securities and Exchange
Commission, in its annual reports to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about New
Oriental's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: our ability
to attract students without a significant decrease in course fees;
our ability to continue to hire, train and retain qualified
teachers; our ability to maintain and enhance our "New Oriental"
brand; our ability to effectively and efficiently manage the
expansion of our school network and successfully execute our growth
strategy; the outcome of ongoing, or any future, litigation or
arbitration, including those relating to copyright and other
intellectual property rights; competition in the private education
sector in China; changes in our revenues and certain cost or
expense items as a percentage of our revenues; the expected growth
of the Chinese private education market; Chinese governmental
policies relating to private educational services and providers of
such services; health epidemics and other outbreaks in China; and
general economic conditions in China. Further information regarding
these and other risks is included in our annual report on Form 20-F
and other documents filed with the Securities and Exchange
Commission. New Oriental does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law. All information provided in this press release is
as of the date of this press release, and New Oriental undertakes
no duty to update such information, except as required under
applicable law.
Contacts
For investor and media inquiries, please contact:
Ms. Rita
Fong
|
Ms. Sisi
Zhao
|
FTI
Consulting
|
New Oriental
Education & Technology Group Inc.
|
Tel: +852 3768
4548
|
Tel:
+86-10-6260-5568
|
Email: rita.fong@fticonsulting.com
|
Email: zhaosisi@xdf.cn
|
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SOURCE New Oriental Education and Technology Group Inc.