HMT Ltd. announces Rs. 930 million buy back of 8½% bonds due 2010

By Aaron Hochman-Zimmerman

New York, Dec. 10 - HMT Ltd. redeemed Rs. 930 million of its 8½% Government of India-guaranteed bonds due 2010 (AAA, CARE), according to a press release.

The Rs. 930 million represents 30% installment of the original Rs. 3.1 billion issue.

The bonds were redeemable at a premium of 1% beginning two years after their release on Nov. 27, 2002. In addition, 30% of the total would have been redeemable at par on Nov. 27, 2008.

In order to move up the redemption by a year, HMT obtained consents from Rs. 2.544 billion of the bonds outstanding, exceeding the three-quarters threshold required.

With the acceptance of the tender offer, the face value dropped to Rs. 0.7 million from Rs. 1 million per bond.

HMT is a Bangalore, India-based machine tool manufacturer.

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