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SCT buys back $29.1 million 5% convertibles
New York, Oct. 1 - SCT said it bought back $29.1 million of its 5% convertible subordinated debentures due 2004.
The Malvern, Pa. provider of technology to higher education said it bought the securities at a price of 96 plus accrued interest, paying $27.942 million of principal and $671,055 of interest.
Before the repurchase the company had $74.75 million of the securities outstanding.
Announcing the buyback, SCT noted that the effective yield from the transaction "is far in excess of what we could earn on a comparable investment."
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