Corning buys back $246 million convertibles, €60 million notes

New York, Aug. 6 - Corning Inc. said it bought back $246 million principal amount at maturity of its zero-coupon convertible debentures during July and August and €60 million of notes.

The Corning, N.Y. company paid $187 million in cash for the convertibles, which had an accreted value of $192 million, and €63 million ($70 million) cash including accrued interest for the notes.

Combined the transactions result in a net gain of less than $1 million, Corning said in a filing with the Securities and Exchange Commission.

Following the buybacks, Corning has $640.04 million of the convertibles outstanding with a book value of $501 million.

In July, Corning issued 45 million shares for net proceeds of $363 million which it will use to reduce debt through open-market repurchases, public tender offers or other methods and for general corporate purposes.

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