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7 Jan 2009 07:00
7 January 2009
Billing Services Group Limited ('BSG' or the 'Company')
Further Debt Reduction
BSG, a leading provider of clearing, settlement, payment and financial risk management solutions to the telecommunications industry, today announces the voluntary prepayment of $1.5 million of its senior debt and the repurchase of $2.6 million of its senior debt at a discount to face value. The voluntary prepayment of $1.5 million was made on 31 December 2008, and the repurchase of $2.6 million was completed today. Accordingly, at 31 December 2008, total outstanding senior debt stood at $93.6 million and at 7 January 2009, total outstanding senior debt stood at $91.0 million.
Greg Carter, CEO of Billing Services Group, said: "Over the course of one year, the Company has reduced its senior debt by $21.5 million, or 19%, from the original amount borrowed. The cash generative nature of the business model and highly efficient cost management processes allow the Company to continue to reduce its interest expense and its leverage and pursue all other means to create and maximize shareholder value."
Enquiries:
Billing Services Group Limited +1 210 949 7000
Greg Carter
Christopher R. Smith
Evolution Securities Limited +44 (0) 20 7071 4300
Stuart Andrews
The Hogarth Partnership +44 (0) 20 7645 3988
Julian Walker
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