Deluxe buys back $31.2 million total of 5% and 5 1/8% unsecured notes in first quarter

By Jennifer Chiou

New York, April 23 - Deluxe Corp. said that it made open-market repurchases of $31.2 million principal amount of its 5% senior unsecured notes due 2012 and 5 1/8% senior unsecured notes due 2014 during the first quarter of 2009.

In connection with the repurchases, the company said it recognized a pre-tax gain of $9.8 million.

"We are extremely pleased that we were able to deliver solidly on our commitments during the quarter despite a continuation of the economic challenges," chief executive officer Lee Schram said in a news release.

"We made good progress on our strategic transformation while maintaining a strong focus on our cost reduction initiatives and implementing spending controls. We also reduced our debt level meaningfully and continue to manage all aspects of our business in a disciplined manner."

Deluxe is a St. Paul, Minn., services provider to businesses focusing on growth and operations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.