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British Airways buys back additional 10 7/8% notes
New York, June 8 - British Airways plc (Ba2/BBB-) said that it bought back 9.55% of the originally issued £100 million principal amount of its 10 7/8% bonds due 2008, for cancellation. The repurchase, announced under Listing Rule 15:15 of British securities laws, took place in two separate transactions.
The repurchase was the third the company has undertaken and brings the outstanding amount of the bonds down to 61.45% of the initial amount issued, from 71% previously.
As previously announced, British Airways, a London-based international airline carrier, said on Nov. 21, 2003 that it had bought back 19% of the £100 million principal amount of the 10 7/8% bonds originally issued back in May 1988. That repurchase, which took place on Nov. 20, 2003, left 71% of the initial amount of the bonds outstanding.
The company said the repurchased bonds would be cancelled.
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