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Ferro repurchases $36.2 million 6.5% convertible senior notes due 2013
By Melissa Kory
Cleveland, Feb. 28 - Ferro Corp. repurchased $36.2 million of its 6.5% convertible senior notes due 2013 on the open market, according to a 10-K filed with the Securities and Exchange Commission.
The repurchase followed the company's tender offer for all $172.5 million of the convertibles. Ferro purchased $100.5 million of the convertibles in the offer, which began on July 27, 2010 and expired on Aug. 23, 2010.
In connection with the repurchases, Ferro recognized losses on extinguishment of debt of $13.1 million.
As of Dec. 31, $35.8 million of the convertibles remained outstanding.
Ferro is a Cleveland-based supplier of technology-based performance materials for manufacturers.
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