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Akamai buys back $56.4 million convertibles
New York, April 27 - Akamai Technologies Inc. said it bought back $56.4 million principal amount of its 5½% convertible subordinated notes due 2007 in individually negotiated transactions.
Akamai paid $58.5 million in cash for the convertibles, including accrued interest.
The Cambridge, Mass., distributed computing company said the repurchases bring the total amount of the 5½% securities bought back to $193.2 million, leaving $106.8 million outstanding.
Funding for the repurchase came from Akamai's recent offering of $200 million 1% convertible senior notes.
Akamai previously bought back $37.8 million of the 5½% convertibles in a tender offer that closed on March 24.
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