Cyberonics buys $15.8 million in convertible debt for $14.3 million

By Devika Patel

Knoxville, Tenn., Nov. 18 - Cyberonics, Inc. bought back $7.5 million of its convertible debt during the recently completed quarter for $6.7 million, according to a company press release.

Cyberonics said it recorded a net gain of about $700,000 from these repurchases.

Since the end of the quarter, the company repurchased a further $8.3 million of the convertible debt for $7.6 million and expects to record a net gain of approximately $500,000 in its fiscal third quarter from this repurchase.

About $39.2 million of the convertible debt was outstanding as of Oct. 23.

Cyberonics is a Houston-based medical technology company with a focus on neuromodulation.

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