Colt Telecom announces further purchases of bonds since buyback in May 2003

New York, Aug. 26 - Colt Telecom Group plc (B1/B+) said that along with its Colt Telecom Finance Ltd. subsidiary, it had purchased a further £16 million of its bonds, for a cash outlay of £16 million, since May 6, 2003.

Colt bought back €2.6 million face amount of its €76.7 million 8 7/8% senior notes due November 2007; €18.8 million accreted principal amount of its €306.8 million 2% senior convertible notes due August 2005; and €2.3 million accreted principal amount of its €368 million 2% senior convertible notes due December 2006.

So far the company has purchased or redeemed a total of:

All of its $314 million 12% senior discount notes due December 2006; £11.8 million face amount of its £50 million 10 1/8% senior notes due November 2007; €15.3 million face amount of its €76.7 million 8 7/8% senior notes due November 2007; €56.4 million face amount of its €306.8 million 7 5/8% senior notes due July 2008; €57.8 million face amount of its €320 million 7 5/8% senior notes due December 2009; €37.4 million accreted principal amount of its €306.8 million 2% senior convertible notes due August 2005; €101.4 million accreted principal amount of its €295 million 2% senior convertible notes due March 2006; €98.3 million accreted principal amount of its €368 million 2% senior convertible notes due December 2006; and €119.4 million accreted principal amount of its €402.5 million 2% senior convertible notes due April 2007.

Colt Telecom Finance and Colt Telecom Group have no intention to sell the notes they have purchased, and arrangements may be made in due course to cancel such notes. The companies said that further additional purchases of bonds may be made.

As previously announced Colt Telecom Group plc has bought back dollar-, euro- and/or sterling- denominated bonds on a number of occasions over the past several years through its Colt Telecom Finance Ltd. subsidiary, most recently on Nov. 19, 2003 when the company said that it would redeem all of its remaining outstanding dollar-denominated 12% senior discount notes due December, 2006 on Dec. 22, 2003 at a redemption price of par plus accrued interest. Colt said that the redemption would cost about £122 million and would be funded out of Colt's cash and liquid resources. It said that the early redemption transaction would save £30 million in net interest over the following three years.

Prior to that announcement, Colt said on Feb. 28, 2002 that it had purchased dollar-, euro- and sterling-denominated bonds with a total face value or accreted amount of £34 million, for a cash outlay of £13 million. On March 4, 2002, Colt said it had made further purchases of £5.9 million (total face value or accreted amount) of outstanding dollar- and euro-denominated bonds, for a cash outlay of £2.2 million. Colt said on March 8, 2002 that it had purchased more dollar-, sterling- and euro-denominated bonds with a total face value or accreted amount of £14 million, for a cash outlay of £8 million.

On March 18, 2002, Colt said that it had bought back a further £9 million of its dollar-and euro-denominated bonds for £5 million of cash. On May 16, 2002, Colt said it had purchased a further £10 million of its dollar- and euro-denominated bonds for a cash outlay of £4 million, and on May 20, 2002, it bought back a further £14 million of its dollar- and euro-denominated bonds at a cost of £6 million. On May 24, 2002, Colt said that it had bought back a further £11 million of its dollar- and euro-denominated bonds at a cost of £6 million. On June 10, 2002, Colt said that it had bought back a further £18 million of its dollar- and euro-denominated bonds at a cost of £9 million.

On June 19, 2002, Colt said that it had bought back a further £2 million of its dollar- and euro-denominated bonds at a cost of £1 million. On June 26, 2002, Colt said that it had bought back a further £11 million of its dollar- and euro-denominated bonds at a cost of £5 million. On July 1, 2002, Colt said that it had bought back a further £10 million of its euro-denominated bonds at a cost of £4 million. On Aug 1, 2002, Colt said that it had bought back a further £13 million of its sterling- and euro-denominated bonds at a cost of £6 million.

On Sept. 9, 2002, Colt said that it had bought back a further £20 million of its dollar-, sterling- and euro-denominated bonds at a cost of £11 million. On Sept. 16, 2002, Colt said that it had bought back a further £9 million of its dollar-, sterling- and euro-denominated bonds at a cost of £5 million. Colt said that it had bought back a further £20 million of its dollar-, sterling- and euro-denominated bonds at a cost of £11 million. On May 6, 2003, Colt said that it had bought back a further £38 million of its dollar- and euro-denominated bonds for a cash outlay of £26 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.