True Move succeeds in debt buy-back scheme
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True Move Co Ltd has bought back nearly all of its foreign currency-denominated bonds due 2013 and 2014.
The call option, exercised during Sept 6 and Oct 4, followed the company's policy to retire high-interest-rate debts. As of Sept 20, the company has been approached for the repurchase of 98 per cent of bonds due 2013 and 95 per cent of bonds due 2014.
The company said that the repurchase scheme is more successful than expected, and this should increase the flexibility in the company's mobile phone investment with lower interest payments and reduced currency volatility.
