PPF Telecom sets redemption price for 3½% notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., June 21 – Central and Eastern Europe-focused PPF Telecom Group BV, formerly PPF Arena 1 BV, announced that the early redemption price for its €600 million of 3½% notes due May 20, 2024 (ISIN: XS2176872849) has been set, according to an announcement.

The company announced earlier that it would redeeming the notes in full on the optional redemption date of July 20.

The redemption will be at par, plus interest. Calculated, this means that noteholders will receive €1,005.83 in cash per every €1,000 in principal of notes. This includes accrued interest of €5.83 per €1,000 of notes.

BNP, the determination agent, determined the make-whole redemption amount as less than par.

However, due to the terms of the notes, the make-whole amount must be par or a make-whole amount, whichever is higher.

The telecommunications infrastructure company operates O2 Czech Republic, CETIN and Telenor CEE.

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