Headwaters repurchases $15.3 million of 2.5% convertibles due 2014

By Tali David

Minneapolis, Feb. 21 - Headwaters Inc. said it repurchased and canceled about $15.3 million of its 2.5% convertible subordinated notes due 2014 for cash consideration of about $15.2 million, according to a press release.

Following repurchase, $39.8 million in aggregate principal amount of the convertibles remains outstanding.

"We continue to reduce debt levels by focusing on improving cash generated from operations," Headwaters chief financial officer Don P. Newman said in a news release.

"As a result of the debt repayments, we have decreased debt maturing within twelve months to $39.8 million, and have further strengthened our balance sheet," Newman added in the release.

Headwaters is a South Jordan, Utah-based manufacturer of light building products and heavy construction materials.

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