Debt-laden Punch Taverns announced today it has bought around a third of the nominal value of its £275m 2010 convertible bonds.
Back in June Punch had offered to buy back parcels of the bonds, following news of its £350m rights issue.
Following a number of deals there is now a nominal value balance of £101.9m remaining on the bonds.
A Punch spokesman said the group had decided market conditions presented it with the opportunity to buy back the debt.
Last month Punch announced that since the start of its financial year it had repaid £708m of debt, £698m of which was ahead of schedule, at a cost of around £473m.