Vitesse buys back $68.6 million convertibles

New York, Dec. 18 - Vitesse Semiconductor Corp. said it bought back $68.6 million principal amount of its 4% convertible subordinated debentures due March 2005 during October.

The Camarillo, Calif. chip and optical component company said in a filing with the Securities and Exchange Commission that it bought the securities at prevailing market prices, paying $51.1 million in cash.

The October repurchases are in addition to the $273.4 million of convertibles that Vitesse bought during fiscal 2002 at a cost of $203.1 million.

Vitesse originally sold $720 million of the convertibles. At Sept. 30 it had $263.7 million outstanding.

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