Comtech says all remaining 3% convertibles redeemed or converted

By Tali Rackner

Norfolk, Va., May 6 - Comtech Telecommunications Corp. redeemed $150 million of its 3% convertible senior notes due 2029, and $50 million of the notes were converted into 1,570,904 shares of the company's common stock, according to a press release.

As a result of the transactions, the company has no long-term debt as of May 5, and its annual interest expense will be reduced by $6 million.

The company said all of the cash payments and the substantial majority of the conversions took place in May.

Melville, N.Y.-based Comtech develops, makes and markets products, systems and services for advanced communications services, including telecommunications transmission, mobile data and RF microwave amplifiers.

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