Eir taps into favourable market to re-finance €500m in debt

Company slashed interest rates to save €17m annually

Eir has taken advantage of market anticipation for the ECB's corporate bond-buying programme

Telecommunications company Eir today raised €150 million more than its planned €350 million bond re-financing, ahead of the European Central Bank opening up its programme of corporate bond purchases.

Eir told investors yesterday that it was planning to redeem bonds due to mature in 2020 -- which carry an interest rate of 9.25 per cent -- with the issuance of €350 million of six-year, secured bonds. Those new bonds will carry a substantially ...