City Telecom redeems $5 million more of 8¾% senior notes

By Devika Patel

Knoxville, Tenn., Jan. 22 - City Telecom (H.K.) Ltd. said it bought back and cancelled $5 million more of its $125 million issued 8¾% senior notes due Feb. 1, 2015.

City Telecom paid slightly less than $5 million for the notes, which includes accrued interest and commissions.

As previously reported, the company bought back $10.85 million of the notes for $10.99 million on Dec. 6, $3 million of the notes for $3.04 million on Dec. 7 and $3 million on Dec. 19 for $3.03 million.

As of Jan. 22, the company has bought back $21.85 million of the notes and has $103.15 million in notes outstanding.

City Telecom is Hong Kong's second-largest international direct-dialing operator.

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