Horace Mann buys back $56 million convertibles

New York, Dec. 10 - Horace Mann Educators Corp. said it bought back $56.0 million principal amount of its senior convertible notes on Dec. 10, paying for them with 1.8 million shares of stock.

The securities had a carrying value of $26.6 million.

The Springfield, Ill. insurance company said the transaction resulted in an after-tax loss of $0.1 million or less than 1 cent per share.

Following the buyback, the company had $116.1 million of the convertibles outstanding and 42.691 million share of common stock.

Horace Mann said the transaction was designed to improve its financial leverage, reducing it to 25%, excluding unrealized investment gains and losses. The company added that that level is consistent with its operating target and rating agency expectations.

Novellus calls SpeedFam-IPEC convertibles

New York, Dec. 10 - Novellus Systems, Inc. called for redemption the 6¼% convertible subordinated notes due 2004 issued by SpeedFam-IPEC, Inc.

The $115 million of convertibles will be redeemed on Jan. 8.

Novellus, a San Jose, Calif. provider of chipmaking equipment, completed its acquisition of SpeedFam-IPEC on Dec. 6.

The trustee for the notes is State Street Bank and Trust Co. of California, NA (call 213 362-7369).

Photronics, Inc. buys back convertibles

New York, Dec. 10 - Photronics, Inc. said it recorded a gain in the fourth quarter of 2002 of $2.6 million from repurchases of its 6% convertible subordinated notes.

The Brookfield, Conn. photomasks company did not disclose how much of it notes it bought back.

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