GVT Readies $180m Buyback

Global Village Telecom plans to repurchase all of its remaining 12% coupon 2011 bonds. The $179.4m outstanding amount represents 39.3% of the Brazilian telecom’s debt and will be bought back February 26. GVT is paying 102.5% of the principal plus unpaid interest from December. The bonds were issued by the GVT Finance vehicle in 2006. GVT says it will use its own funds to repurchase the bonds, which it must do as a result of Vivendi agreeing to take control of the company in November.