LONDON, Nov. 19, 2003 (PRIMEZONE) -- COLT Telecom Group plc (COLT) announced today that it has given notice of the redemption of all of the outstanding U.S. Dollar 12% Senior Discount Notes due 2006. The redemption will be at the principal amount of the Notes plus accrued interest and will be funded out of COLT's cash and liquid resources. The aggregate amount payable will be approximately GBP122 million. The redemption will take place on 22 December 2003.
COLT's Chief Financial Officer, Marina Wyatt said:
"COLT is financially strong with GBP934 million of cash and liquid resources as at 30 September 2003 and we expect to be free cash flow positive on a sustainable basis during 2005. By redeeming the Notes early we will save approximately GBP30 million in net interest over the next three years."
About COLT
COLT Telecom Group plc is a leading pan-European provider of business communications services. COLT has over 17,000 network services and data centre solutions customers. The company owns an integrated 20,000 kilometre network that directly connects 32 major cities in 13 countries augmented with a further 41 points of presence across Europe and 11 Data Solution Centres. COLT supplies customers across the full spectrum of industry, service and government sectors with unrivalled end-to-end network security, reliability and service.
COLT Telecom Group plc is listed on the London Stock Exchange (CTM.L) and NASDAQ (COLT). Information about COLT and its products and services can be found on the web at www.colt.net
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Tel: +44 20 7390 3681