Marconi wipes out debt mountain

Marconi Corporation plc announces that it has now completed the full repayment, within 16 months, of the $1.2 billion of debt that it assumed upon completion of its financial restructuring on 19 May 2003. This debt was originally due for repayment by 2008. The last part of the $717m of Senior Secured Notes Due 2008 were redeemed on 1 September 2004. The $487m of Junior Secured Notes were fully redeemed earlier this year. Mike Parton, Chief Executive, said; "The re-emergence of Marconi has been completed with the repayment of the last of the debt that we took on as part of our restructuring. An anticipated annual interest charge of over $100m per annum has been eliminated through the prompt repayment of the debt." "The early paydown of all of our restructuring debt is an excellent achievement. We have emerged with a strong balance sheet and can now fully focus our efforts on growing our business."