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Ciba Specialty Chemicals plans to buy back up to CHF 500 million of its CHF 1 billion bond, scheduled to mature in 2008. The company reportedly will fund the transaction through existing cash surplus from the divestment of Textile Effects and new financings with durations of five to six years.
According to the company, the plan to buyback is not only making efficient use of its cash surplus but also extending the maturities of its financing at attractive interest rates. The transactions are scheduled for September.