Primus to redeem 11¾% notes

New York, Sept. 4 - Primus Telecommunications Group, Inc. said it plans to redeem its remaining 11¾% senior notes due 2004 with $43.6 million of the proceeds from its planned offering of $75 million convertible senior notes.

The McLean, Va. telecommunications company said it will use remaining proceeds to repay or repurchase other long-term obligations and for working capital and general corporate purposes.

The convertible offering includes a $15 million greenshoe.

Primus previously announced it will redeem $10 million of the 11¾% notes on Sept. 15. It has been buying back its junk bonds at various points in recent months.

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