City Telecom launches tender for high-yield bonds

The fixed-line telecom operator offers to pay up to 75 cents on the dollar for $89.4 million worth of outstanding 2015 bonds.

Fixed-line telecom operator City Telecom HK has joined a group of Asian companies that are taking advantage of depressed debt prices to buy back their dollar bonds. Late Thursday, the Hong Kong-listed company launched a tender for the entire $89.353 million left outstanding of its 8.75% senior bonds due 2015, offering to pay a maximum of 75 cents per dollar of principal.

The total consideration includes a 3 cent payment for accepting a consent solicitation that seeks to eliminate substantially...

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