Deutsche Telekom said today it had sold €276 million worth of bonds secured against future revenues from its services business T-Systems to help cut its €64 billion debt pile.
Deutsche Telekom has pledged to cut its debt by more than €11 billion over the next year by selling assets, cutting costs and scrapping the dividend payout.
The secured bonds were sold to Thesis, Deutsche Telekom said. ABN Amro arranged the transaction, it said.