Avaya buys back $78 million LYONs

New York, Aug. 12 - Avaya Inc. said it bought back $78 million principal amount at maturity of its Liquid Yield Option Notes due 2021 or $41 million accreted value at a cost of $41 million in cash.

The securities were repurchased in open-market transactions, according to a filing with the Securities and Exchange Commission.

The buyback follows repurchases of $232 million principal amount at maturity or $119 million accreted value of the LYONs during the second and third fiscal quarters. Avaya used $115 million in cash for these buybacks, which were also carried out in the open market.

At June 30, the Basking Ridge, N.J. company had $325 million accreted value of the LYONs outstanding.

Aspect says nearly all convertibles put back

New York, Aug. 12 - Aspect Communications Corp. said holders of $298.1 million principal amount at maturity of its zero-coupon convertible subordinated debentures due 2018 exercised the put option.

As a result, the San Jose, Calif. business communications solutions company now has $2.3 million principal amount at maturity of the convertibles outstanding.

Aspect paid $122.8 million in cash for the put which was at a price of $412 per $1,000 principal amount at maturity on Aug. 11.

Aspect originally issued $490 million of the convertibles in August 1998, raising $146 million in proceeds. It has previously repurchased $189.6 million principal amount at maturity.

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