Fairfax eyes bond buyback

Fairfax Media is considering buying back up to A$200 million of its bonds, helping to reduce the newspaper publisher's interest expenses after last week's credit rating downgrade.

Fairfax Media Group Finance, a subsidiary, will open an offer process next Thursday to buy back some or all of the fixed-rate Australian dollar medium term notes due in June 2011.

The process is expected to close on Friday.