Internet Gold buys back NIS 8.78 million convertibles

By Devika Patel

Knoxville, Tenn., May 13 - Internet Gold Golden Lines Ltd. announced in a press release that it has accelerated its convertible bond buyback program in view of current market prices, which it believes are far below the company's true value and growth prospects.

As a result, on Jan. 28, the company's board of directors authorized the repurchase of up to NIS 112 million, about $31.5 million, of its convertible bonds.

As of May 10, the release said, Internet Gold has repurchased NIS 8,781,790 of convertibles, decreasing the company's bond-related debt to NIS 94.1 million, or $26.5 million.

Internet Gold is a telephone and internet provider based in Petach Tikva, Israel.

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