Primus exchanged $2.5 million 12¾% notes due 2009 in January, draws remaining $15 million on loan

By Jennifer Chiou

New York, Feb. 9 - Primus Telecommunications Group, Inc. said it issued 1.8 million shares in exchange for $2.5 million of its 12¾% senior notes due 2009 in January.

The company also said on Feb. 1 it drew the remaining $15 million available under its secured non-revolving term loan facility. In January, it had amended the loan agreement to extended the maturity date to April 2008.

As of Dec. 31, the company said it reduced its long-term debt by $7 million to $635 million compared to Sept. 30, including the issue of 5.2 million shares in exchange for $8.6 million principal amount of the 12¾% notes during the three months.

Based in McLean, Va., Primus provides communications services.

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