Telkomsel buys back $4.67 million 9¾% notes

New York, March 12 - Telekomunikasi Selular Finance Ltd. said its parent PT Telekomunikasi Selular (Telkomsel) bought back $4.665 million principal amount of its 9¾% guaranteed notes due 2007.

The Indonesian cellular phone company paid an average price of 110.5% of par and made the purchases through Deutsche Bank.

Telekomunikasi Selular said the buyback was done with the goal of "optimizing the funding structure" and to reduce exposure to foreign exchange rate fluctuations.

Telkomsel previously said on March 2 that it bought back $1.8 million of the notes at 110.5% of par, on Feb. 23 that it bought back $20 million of the notes at an average price of 109.75% of par, on Nov. 21 that it bought back $1 million of the notes at an average price of 110.50% of par and on Nov. 18 that it bought back $6.273 million of the notes, also at an average price of 110.50% of par.

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