M&F buys back $20.7 million Harland Clarke notes due 2015 in quarter

By Susanna Moon

Chicago, Feb. 26 - M&F Worldwide Corp. said it purchased a further $20.7 million of Harland Clarke Holdings Corp. senior notes due 2015 in individually negotiated transactions for $17 million in the fourth quarter of 2009, according to a 10-K filing with the Securities and Exchange Commission.

The affected notes include the company's senior floating-rate notes due 2015 and 9½% senior notes due 2015.

The company said in the filing that it extinguished a total of $136.9 million principal amount of debt by purchasing the subsidiary's notes for $67.6 million in 2009.

M&F said previously that it extinguished $116.2 million of debt by purchasing the notes in individually negotiated transactions for $50.6 million in the nine months ended Sept. 30.

The company added that on Aug. 7, its purchase of $24.2 million principal amount of subsidiary Harland Clarke's notes for $14.6 million resulted in an $8.9 million pre-tax gain in the second quarter of 2009.

M&F Worldwide, based in New York, provides check and check-related products, marketing and contact center services to financial and commercial institutions as well as directly to individual consumers in North America and internationally.

Decatur, Ga.-based Harland Clarke is a holding company that conducts its operations through its direct and indirect, wholly owned operating subsidiaries.

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