Singapore's Pacnet to redeem all $299.25 million of 9¼% notes Jan. 13

By Angela McDaniels

Tacoma, Wash., Dec. 12 - Pacnet Ltd. will redeem its 9¼% senior secured guaranteed notes due 2015 in full on Jan. 13, according to a company announcement.

The redemption price is $318,011,314.16, which includes $299.25 million of outstanding principal, $13,840,312.50 of redemption premium and $4,921,001.66 of accrued interest.

The company plans to use the proceeds of its $350 million issue of 9% senior secured notes due 2018 to fund the redemption. The new notes (B2//BB) priced at par on Dec. 6.

Pacnet is a telecommunications service provider with headquarters in Singapore and Hong Kong.

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