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Byline: Mongkol Jullayothin
Jan. 3--Bangkok fixed-line operator TelecomAsia Corporation Plc said yesterday that it had successfully bought back yen-denominated deferred payment notes amounting to 3.6 billion baht (10.1 billion yen) at a large discount.
The 679-million-baht buy-back, at 18.7 percent of the book value of the loans, will result in a gain to TA of about 2.9 billion baht in the fourth-quarter 2002 financial results.
The 17-year notes, at 2 percent annual interest, were due to mature in 2017.
The transaction, completed on Dec 27, would enable TA to maximise its tax benefits, as the gain will be fully offset against tax ...
Source: HighBeam Research, Bangkok, Thailand, Fixed-Line Operator Clinches Debt Buy-Back Bargain.