Billing Services takes advantage of markets with debt repurchase
Wednesday, October 08, 2008
Billing Services Group, the company that provides clearing, settlement, payment and financial risk management solutions to the telecommunications industry, is taking advantage of chaotic money markets by repurchasing of $3.6 million of its senior debt at a discount to its face value.
As of yesterday, the company’s total outstanding senior debt stood at $96.5 million.
Greg Carter, Billing Services’ chief executive said: “The dislocation in the credit markets has created a strong buying opportunity for BSG, enabling the company to repurchase its senior debt at less than the issuance price. BSG continues to reduce interest expense by rapid debt amortization and pursue all other means to create and maximise shareholder value.”
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