Network Equipment Technologies reduces convertible debt by $73 million

By Angela McDaniels

Tacoma, Wash., Jan. 28 - Network Equipment Technologies, Inc. said the outstanding amount of its 3.75% convertible senior notes fell to $13 million on Dec. 26 from $85 million on March 28, 2008.

The outstanding amount of the company's 7.25% convertible subordinated debentures was reduced to $23.71 million from $24.71 million over the same period, according to its earnings release for the fiscal third quarter ended Dec. 26.

In total, the company's convertible debt has been reduced by $73 million since March 28, 2008.

As previously reported, the company spent $23.1 million to buy back convertibles during the fiscal third quarter and $10.5 million to repurchase $29.8 million of the 3.75% convertibles during the fiscal second quarter.

Network Equipment Technologies is a telecommunications equipment maker based in Fremont, Calif.

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