Czech state-owned power company CEZ AS (BAACEZ.PR) said Tuesday it is launching a buyback of its euro-denominated bonds.
The utility is offering to buy back outstanding bonds from three Eurobond issues, its EUR400 million issue of the paper that carries a 4.264% coupon and matures in 2011, the EUR500 million issue of paper due in 2012 with a 5.125% coupon, and the EUR500 million issue of paper due in 2013 with a 4.125% coupon.
The offer is to buy back outstanding bonds via exchanging them for newly issued paper or a simple buyback without any exchange, the company said on its website.
The terms of new Eurobond issues will be announced on Dec. 1, the company said.