Valassis buys back $185.3 million 0% convertibles with proceeds of new deal

New York, June 3 - Valassis Communications, Inc. said it bought back $185.3 million face value of its convertible senior notes due 2021 using $111.0 million of the proceeds from its recent offering of new convertibles.

Following the buyback, $86.8 million of the old convertibles remain outstanding, the Livonia, Mich. company said in a filing with the Securities and Exchange Commission.

The remaining old convertibles are putable on June 6, 2004 at a price of $602.77 per note, payable in cash or stock at the company's option.

After the market close on May 15, Valassis issued $160 million proceeds of new cash-to-zero 30-year convertibles at a yield of 1.625% with a 65% initial conversion premium.

Sepracor calls 7% convertibles

New York, June 3 - Sepracor Inc. said it will redeem its outstanding $111.87 million of 7% convertible subordinated debentures due Dec. 15, 2005.

The Marlborough, Mass. pharmaceutical company will redeem the securities on July 10 at $1,030.00 per $1,000 principal amount plus accrued interest up to but excluding the redemption date.

Holders can convert the securities into stock up to 5.00 p.m. ET on July 9 at a price of $62.4375 per share or 16.016 shares per debenture. Sepracor stock closed at $22.58 on Monday.

Comverse buys back $44.55 million convertibles

New York, June 3, - Comverse Technology, Inc. said it bought back $44.55 million face value of its 1.5% convertibles during the first quarter of fiscal 2003.

The transactions resulted in a gain of $2.809 million, the Woodbury, N.Y. communications services company said.

As of April 30, Comverse had $346.3 million of convertibles outstanding.

On May 1, Comverse priced an additional $420 million of new convertibles.

ASE Test to redeem some convertibles

New York, June 3 - ASE Test Ltd. said it will redeem some of its convertible notes due 2004 using proceeds of a new $150 million loan arranged by Citibank.

The Taipei, Taiwan semiconductor testing company said the new five-year loan has an interest rate of Libor plus 110 basis points, subject to downward adjustment based on its financial performance.

Getty Images plans to redeem 5% convertibles

New York, June 3 - Getty Images, Inc. said it plans to redeem its 5% convertible subordinated notes due 2007 using proceeds of a new offering of convertibles.

The Seattle company announced Tuesday the sale of $230 million of new convertible subordinated debentures due 2023 with a $35 million greenshoe.

Basis100 offers to buy $5 million 6% convertibles

New York, June 3 - Basis100 Inc. said it is offering to buy up to $5 million principal amount of its 6% convertible unsecured debentures due Dec. 30, 2006 at a price of $750 per $1,000 principal amount.

The Toronto business solutions provider will also pay accrued interest up to but excluding the date of purchase.

If the offer is oversubscribed it will be pro rated.

Basis100 said the bid will begin after closes of the sale of the company's Canadian Lending Solutions business to FiLogix Inc. From the proceeds, $3.75 million will be put in escrow to cover the purchases under the issuer bid.

Basis100 said the offer is to encourage bondholders to vote in favor of the sale of Canadian Lending Solutions. The sale is subject to approval of bondholders. The repurchase offer is subject to the sale closing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.