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PolyOne buys back $63.7 million bonds
New York, Oct. 27 - PolyOne Corp. said it bought back $63.7 million principal amount of its notes due 2005 and 2006 in the third quarter.
The repurchases were made in the open market, the Cleveland polymer company said.
The market value of the notes was $3.1 million more than the principal amount, PolyOne noted.
Funding came from part of the proceeds of the company's sale of its elastomers and performance additives business in August.
PolyOne said it has reduced its long-term debt and receivable facility borrowings by $134 million since Jan. 1.
Its leverage measured by debt to adjusted EBITDA fell to 4.6 times at the end of the third quarter from 12.5 times at the end of 2003.
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