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Colt Telecom calls all DM600 million, €368 million 2% convertibles
Pittsburgh, Sept. 16 - Colt Telecom Group plc will redeem all its outstanding DM600 million 2% senior convertible notes due 2005 and €368 million 2% senior convertible notes for about £317 million, according to a company news release.
The redemption date is Oct. 19.
Colt will pay accreted principal plus accrued interest. The redemption will be funded from cash and "liquid resources."
The interest rate is 4.25% on the Deutsche mark notes and 5.25% on the euro notes, the release said.
The redemption will save Colt Telecom about "£18 million of net interest over the next two years," chief financial officer Marina Wyatt said in the release.
Colt Telecom is a pan-European provider of business communications solutions and services.
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