STMicroelectronics buys back $428.77 million convertibles

New York, March 7 - STMicroelectronics said it bought back $428.77 million of its zero-coupon senior convertible bonds due 2010 at a cost of $328.21 million.

The repurchase accounts for 19.98% of the amount outstanding, according to the Geneva-based chipmaker.

STMicroelectronics said it bought the bonds after the market close on March 6 at an average price of $765.47 per bond.

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