Overstock.com repurchases $4.9 million convertible senior notes for $3 million in cash

By Devika Patel

Knoxville, Tenn., May 1 - Overstock.com, Inc. retired $4.9 million of its convertible senior notes for $3 million in cash during the quarter ended March 31, according to a 10-Q filed Friday with the Securities and Exchange Commission.

The repurchases resulted in a gain of $1.9 million. As of March 31, there were $62.5 million of the notes outstanding.

The company announced in February that it plans to repurchase up to $20 million of the notes under a repurchase program aimed at reducing the company's debt.

Overstock.com is an online close-out retailer based in Salt Lake City.

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