(Alliance News) - BT Group PLC on Monday announced it is launching three tender offers totalling GBP2.18 billion to improve its debt maturity profile and optimise liquidity, four days after it had said that its nine-month pretax profit was down by 15%.
The London-based telecommunications company said it offers to buy back EUR1.10 billion 1.0% notes due November 21, 2024, EUR575.0 million 1.0% notes due June 23, 2024 and EUR500.0 million 0.875% notes due September 26, 2023.
BT explained that it launched the buybacks to improve its liquidity and debt maturity profile. For the EUR500.0 million 0.875% notes due in September, it will offer a purchase price of 99.3% of the nominal amount, or EUR993 per EUR1,000.
The other two tender offers will be calculated by dealer managers, the company added.
Last week on Thursday, BT announced that its pretax profit in the nine months to December 31 fell 15% to GBP1.31 billion from GBP1.54 billion a year prior. Revenue decreased by 1.0% to GBP15.59 billion from GBP15.68 billion.
Class A shares in BT were 1.3% lower at 132.95 pence each in London on Monday morning.
By Tom Budszus, Alliance News reporter
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BT (BT.A)