CSG Systems buys back $66 million of 3% convertible notes

New York, April 12 – CSG Systems International, Inc. said it repurchased $66 million of its 3% senior subordinated convertible notes due 2017 for a total of $126 million.

The purchase price was based on the average daily volume-weighted average prices of the company’s common stock for 20 trading days beginning on March 10, according to a news release.

Funding came from the recent sale of $230 million of 4.25% convertible senior notes due 2036.

CSG has now bought back $106 million of the 3% convertibles out of the original $150 million. The total cost has been $199 million.

CSG now has $44 million of the 3% convertible outstanding. These notes are convertible because the company’s stock has traded at more than 130% of the conversion price for the required period.

CSG is an Englewood, Colo., provider of revenue management and customer interaction services to communications service providers.

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