Owens & Minor buys back $19.35 million convertible trust preferreds

New York, March 11 - Owens & Minor, Inc. said it bought back a total of $19.35 million of its 5 3/8% term convertible trust preferred securities due April 30, 2013.

The buybacks were made under the company's repurchase plan announced November 2002. The plan covers up to $50 million of the convertibles and common stock, with a maximum of $35 million of stock. Authorization for the transactions runs through Dec. 31, 2003.

Owens & Minor said in a filing with the Securities and Exchange Commission that it bought back 137,000 shares of the trust preferreds or $6.85 million liquidation preference during December 2002 and a further 250,000 shares or $12.5 million liquidation preference from Jan. 1 through Feb. 24.

The Glen Allen, Va. company also bought back 661,500 shares of common stock in the Jan. 1 to Feb .24 period.

Each of the $50 liquidation preference trust preferreds is convertible into 2.4242 shares of common stock. They were issued through Owens & Minor Trust I.

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