Comverse launches cash tender offer for zero-yield putables due 2023

By Jennifer Chiou

New York, April 17 - Comverse Technology, Inc. announced the start of a cash tender offer for all of its outstanding new zero-yield putable securities due May 15, 2023.

Comverse is offering to pay $1,000 for each $1,000 principal amount of the securities tendered.

Under the indenture governing the securities, each holder has the right to require the company to repurchase the securities for cash.

There was $417.38 million of the securities outstanding as of April 15.

The offer will expire at 5 p.m. ET on May 15.

Bank of New York Trust Co., NA is the depositary. D.F. King & Co. (800 269-6427 or collect 212 269-5550) is the information agent.

Comverse is a New York-based provider of communications and billing software and services.

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