Apr 8, 2003 : Primus Reduces Debt by $12 Million

📅 April 8, 2003 - Telecommunications services provider PRIMUS Telecommunications Group Inc. (primustel.com) announced on Tuesday that it has reduced an additional $12 million of debt as part of the company's ongoing efforts to strengthen its balance sheet.

PRIMUS says it has purchased approximately $10.2 million principal amount of its high yield debt for about $6.3 million in cash, excluding interest payments.
At the same time, PRIMUS said that it had made the final principal installment payment of $1.5 million on a major vendor facility, the final payment on $18 million of original cost of equipment that is now fully-owned by PRIMUS and free of liens.
"These transactions are further manifestations of our goal to continue reducing our debt," said K. Paul Singh, chairman and CEO of PRIMUS. "To that end, we will pursue opportunities in the open market and privately negotiated transactions. Also, as the payment of the vendor facility demonstrates, PRIMUS is entering a phase where it will be materially reducing its vendor debt through scheduled principal payments over the next few years."

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