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Colt Telecom calls all 2% convertibles due 2006
By Jennifer Chiou
New York, Sept. 21 - Colt Telecom Group plc announced the redemption of all its €166.549 million 2% senior convertible notes due March 29, 2006 on Oct. 21.
The company will pay £132.5 million for the notes plus accrued interest.
"The early redemption of these notes reflects the board's confidence in the financial strength of Colt," chief administrative and financial officer Tony Bates said in a news release.
"We are firmly on track to be free cash flow positive for the second half of the year and thereafter on a sustainable annual basis."
The company said the early redemption will save £1.25 million of net interest up to the notes' maturity date.
London-based Colt Telecom provides data, voice and managed services.
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