Comverse wraps tender for old, new ZYPS due 2023

By Jennifer Chiou

New York, May 16 - Comverse Technology, Inc. said it received tenders for $3,000 of its old zero-yield putable securities (ZYPS) due May 15, 2023 and $14,000 of new ZYPS due May 15, 2023 in its cash offer for the securities.

There was $419.49 million of the securities outstanding as of April 15. Now, $419.48 million of the notes remains outstanding.

Comverse offered to pay $1,000 for each $1,000 principal amount of ZYPS tendered.

The offer expired at 5 p.m. ET on May 15. It began on April 16.

Bank of New York Trust Co., NA was the depositary. D.F. King & Co. (800 769-7666 or collect 212 269-5550) was the information agent.

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

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