Australia's AMP: Repurchase Up To A$700M Offshore Bonds
DOW JONES NEWSWIRES
June 7, 2004 2:59 a.m.
SYDNEY -- AMP Ltd. (AMP.AU) said Monday it plans to repurchase up to A$700 million of offshore bonds through a reverse tender, as part of its accelerated debt reduction program.
Offshore bond holders will be invited to offer all or part of their holdings to AMP and depending on the prices tendered, AMP can choose to accept or reject the offers, Chief Executive Andrew Mohl said in a statement.
AMP has about A$2.1 billion worth of offshore debt, denominated in sterling and Deutsche marks, issued through subsidiaries AMP Group Finance Services Ltd. and AMP (U.K.) Finance Services PLC., the company said.
AMP had some A$4.3 billion in debt when it demerged from its U.K. operations in December last year.
It has since repaid more than A$2.1 billion.
"Our post demerger plans were to rebuild and revitalize AMP as a strong and profitable company and restore our single A credit rating," Mohl said.
"The acceleration of our debt repayment plans puts us well on the path to achieve these outcomes," he said.
ABN Amro NV is advising AMP on the transaction and will also mange the deal with JP Morgan.
The invitation to submit tenders opens Monday and closes June 18, with the result due June 23 and settlement on June 25.
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