Colt calls remaining dollar-denominated notes

New York, Nov. 19 - Colt Telecom Group plc (B1/B+) said that it will redeem all of its remaining outstanding dollar-denominated 12% senior discount notes due December 2006. The redemption will take place on Dec. 22 at a price of par plus accrued interest.

Colt said that the redemption - which the company estimates will cost around £122 million - will be funded out of Colt's cash and liquid resources.

The company said that by redeeming the notes early it will save some £30 million in net interest over the next three years.

As previously announced, Colt Telecom, a London-based provider of business and telecommunications services in Europe, has recently bought back dollar-, euro- and/or sterling- denominated bonds on a number of occasions through its Colt Telecom Finance Ltd. subsidiary. 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 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.

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