No major debt repayment till 2014, says ITV

30th Jun 2011 15:25

Broadcaster ITV, which broadcasts "The X Factor" and "Britain's Got Talent", said it has no major debt repayment until 2014 after repurchasing £183.6m worth of its debt. The company has repurchased all of its £110m Eurobonds due March 2013 and £73.6m of its £383m Eurobonds due October 2015. "These buybacks are consistent with our focus on cost control, cash generation and strengthening of the balance sheet," chief executive officer Adam Crozier said in a press statement. The news release came a day after ITV was thrown into the spotlight when some traders heard that the media organisation could be a possible takeover target for an 110p-to-120p bid by private players. Permira and KKR were among the names mentioned as the potential suitors for ITV. Shares of the company, which returned to the FTSE 100 index in March, were trading 1.4% lower at 70.95p in London. Its shares have fallen 19% since the beginning of March.AR