Comverse buys back $165.1 million convertibles

New York, June 13 - Comverse Technology, Inc. said it bought back $165.1 million face amount of its 1.5% convertible senior debentures due 2005 between May 1 and June 10.

The Woodbury, N.Y. company said in a filing with the Securities and Exchange Commission it made the repurchases in the open market, paying $157.9 million in cash.

Comverse previously reported that it bought back $44.55 million face value of the convertibles during the first fiscal quarter ending April 30, leaving it with $346.3 million outstanding at the end of that period.

On May 1, Comverse priced an additional $420 million of new convertibles.

Omnicare greenshoe exercised, to redeem 5% convertibles

New York, June 13 - Omnicare, Inc. said underwriters of its recent offering of convertible trust preferred securities due 2033 in the Preferred Income Equity Redeemable Securities structured exercised the $45 million greenshoe in full, raising the size of the offering to $345 million.

The Covington, Ky. provider of pharmaceutical care to the elderly also said it will redeem its existing 5% convertible subordinated debentures due 2007 on July 14 at a price of 102.5%.

Omnicare will fund the redemption with part of the proceeds from the new convertibles and a simultaneous offering of $189 million of common stock.

The company said that it may repurchase some of the old convertibles ahead of the redemption date.

The new convertibles were priced after the close on June 9 to yield 4.0% with a 40% initial conversion premium.

Lehman Brothers and Wachovia Securities, Inc. were joint bookrunners for the deal, which was upsized from $250 million.

The new convertibles and stock were part of a refinancing that also included a new junk bond issue and a new credit facility.

MDC to buy back up to C$5 million 7% convertibles

New York, June 13 - MDC Corp. Inc. said it is planning to buy back up to C$4.9967 million principal amount of its 7% subordinated unsecured convertible debentures.

Under a normal course issuer bid filed with the Toronto Stock Exchange, MDC will make the purchases from June 17, 2003 through June 16, 2004.

The Toronto business services company has C$50 million of the convertibles outstanding.

MDC said its board believes the convertibles are "an excellent investment for MDC, particularly at recent trading levels."

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