Indonesia's Telkomsel buys back $1.4 million 9¾% notes

New York, Aug. 10 - Telekomunikasi Selular Finance Ltd. said its parent PT Telekomunikasi Selular (Telkomsel) bought back $1.4 million principal amount of its 9¾% guaranteed notes due 2007.

The Indonesian cellular phone company paid an average price of 106% of par for the notes. It made the purchases through Deutsche Bank.

Telekomunikasi Selular said the buyback was done with the goal of "optimizing the funding structure" and to reduce exposure to foreign exchange rate fluctuations.

Telkomsel previously said on May 25 that it bought back $3.6 million of the notes at 108.5% of par. Before that it made a series of repurchases in March, February and November.

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