Brightpoint buys back further $6.7 million of convertibles

New York, Nov. 14 - Brightpoint, Inc. said it has paid $5.8 million to buy back a further $6.7 million accreted value or $12.395 million principal amount of its 0% convertible subordinated notes due 2018 so far in the fourth quarter.

The cost to buy back the securities was $472 per convertible compared to an accreted value of $544, the Indianapolis distributor of mobile phones said in a filing with the Securities and Exchange Commission.

Following the latest repurchases, Brightpoint has $21.932 million of the convertibles outstanding with an accreted value of $11.9 million.

The notes are putable on March 11, 2003 at an accreted value of $12.1 million.

Brightpoint, which has carried out repeated buybacks of the notes, said it may make further repurchases.

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