Heavy demand for Telemovil buyback

Heavy demand for Telemovil buyback

Bonds

The holders of $326.8m worth of Telemovil’s 8% 2017 bonds submitted their paper to a tender offer, although the Salvadorean telecommunication company will only buy back $139.3m worth of notes, sources said. The $450m 2017 was issued in 2010 and the total value of the paper is still outstanding, but Telemovil had earmarked $150m to finance the buyback, including transaction costs. The company had offered a cash price of 107.35, including a 3-point early consent payment. BNP Paribas, Morgan Stanle

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