Jordan buys back $110 million 11¾% debentures

New York, May 30 - Jordan Industries, Inc. said it bought back $110 million principal amount of its 11¾% series A senior subordinated discount debentures due 2009, paying an average of $250 per $1,000 bond for a total cost of $27.5 million.

The Deerfield, Ill. company said in a filing with the Securities and Exchange Commission it bought the bonds back from an institutional investor on May 29.

Before the repurchase Jordan had $214.04 million of the securities outstanding; after it has $104.04 million.

Jordan said it will report an extraordinary gain after taxes of $82.7 million.

Jordan added that it does not anticipate buying back any further bonds at this time but noted that some of its directors, officers or shareholders may purchase the debentures at prices similar to or above that paid by the company.

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