Bonds in TDC rallied on Wednesday after the private equity companies that announced a takeover of the Danish telecommunications operators surprised investors by saying they would buy back the outstanding issues at par.

The consortium, which consists of private equity groups Apax Partners, Blackstone, Kohlberg Kravis Roberts, Permira and Providence Equity Partners, said it intended to redeem “all and any” of TDC’s outstanding bonds at par, apart from a €684.5m issue that matures in April next year.