COLT TELECOM GROUP PLC (COLT) (B1/B+) said Thursday (Feb. 28) that it had purchased dollar-, sterling- and euro-denominated bonds with a total face value or accreted amount of £34 million, for a cash outlay of £13 million. Colt, a London-based provider of business telecommunications services in Europe, said the purchases were made through its COLT Telecom Finance Limited subsidiary, which said it has no intention to sell the notes it has purchased and added that arrangements may be made in due course to cancel such notes. The company gave a detailed breakdown of the purchases, indicating that it had purchased $2.5 million accreted principal amount of its original $314 million of 12% senior discount notes due December 2006, bringing to $22 million its total repurchases of such bonds to date. It purchased £500,000 face amount of its £50 million 10.125% senior notes due November 2007, the only such bonds it has purchased so far; it bought €8.7 million face amount of its €306.8 million 7 5/8% senior notes due July 2008, bringing the amount repurchased so far to €22.2 million; it bought €6 million face amount of its €320 million of 7 7/8% senior notes due December 2009, bringing to €17 million the face amount of the bonds repurchased so far; it bought €5.3 million accreted principal amount of its €295 million of 2% senior convertible notes due March 2006, bringing the accreted principal amount repurchased so far to €79.5 million; it bought €21.3 million accreted principal amount of its €368 million of 2% senior convertible notes due December 2006, bringing the amount bought back so far to €62.2 million; and it bought €10.7 million accreted principal amount of its €402.5 million of 2% senior convertible notes due April 2007, bringing the amount purchased to date to €63.2 million. COLT also said it may purchase additional bonds in the future.

ISPAT INTERNATIONAL NV (IST) (B3/B+) said Thursday (Feb. 28) that it had extended its previously announced tender offer for its 10 1/8% senior structured export certificates due 2003. The offer, which was to have expired Feb. 28, will now expire at 5 p. m. ET on March 11, subject to possible further extension. AS PREVIOUSLY ANNOUNCED, Ispat International, an international steel producer based in Rotterdam, the Netherlands, said on Jan. 25 that its Mexican operating subsidiary, ISPAT MEXICANA, S.A. de C.V., (commonly known as "Imexsa") had begun an exchange offer for all of the outstanding 10 1/8% certificates issued by IMEXSA EXPORT TRUST No. 96-1. The exchange offer was originally slated to expire at 5:00 p.m. ET, on Feb. 22, although this deadline has now been extended. Under the terms of the exchange offer, Imexsa offered to exchange its 10 1/8% senior notes due 2008 for the Imexsa export certificates. The senior notes will be fully and unconditionally guaranteed by Ispat on a senior unsecured basis. Ispat said the exchange offer is conditioned upon the holders of at least 95% of the Imexsa senior certificates having validly tendered them and not withdrawn them prior to the expiration date and upon the other terms and conditions set forth in Imexsa's offering memorandum and consent solicitation statement dated January 24. Ispat further said that Imexsa was soliciting consents from holders of the senior certificates to amend the agreements governing them. Holders tendering their senior certificates in the exchange offer must also deliver consents, which may not be withdrawn after the earlier of either a) the expiration date, or b) whenever the requisite consents required to amend the agreements governing the senior certificates are received. Dresdner Kleinwort Wasserstein (212 969-2700, ask for Mark Hootnick) is the dealer manager and solicitation agent, and D.F. King & Co., Inc.(800 847-4870, ask for Tom Lang) is the information agent for the exchange offer.

NVR, INC. (NVR) (Ba2) said Thursday (Feb. 28) that it is soliciting consents from holders of record (as of Feb. 28) of its 8% senior notes due 2005 to proposed indenture amendments. The McLean, Va.-based homebuilder said the consent solicitation will expire at 5 p.m. ET on March 14, subject to possible extension. The solicitation is aimed at providing NVR with greater flexibility to continue to repurchase shares of its outstanding common stock, as part of its strategy of maximizing shareholder value. The solicitation is conditioned upon the receipt of consents from the holders of at least a majority of the notes. If the requisite consents are received and the supplemental indenture effecting the amendment is executed, NVR will make a cash payment equal to 2% of the principal amount of the notes (i.e., $20 per $1,000 principal amount) to each holder delivering a valid consent before the expiration date. NVR will pay the fee promptly after the execution of a supplemental indenture and the expiration of the consent solicitation. Credit Suisse First Boston Corp. (800 910-2732, ext. 67179 or 800 820-1653) is acting as solicitation agent for the transaction. The information agent for the consent solicitation is Georgeson Shareholder Communications Inc., at (call toll-free at 800 223-2064; bankers and brokers call collect at 212 440-9800).

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