United Business Media buys back $20 million 2.375% convertibles

New York, Nov. 28 - United Business Media plc said it has repurchased $20 million of subsidiary United Business Media Jersey Ltd.'s $400 million of 2.375% guaranteed convertible bonds due 2006 for a $25.0 million purchase price. The price excludes accrued interest.

The bonds purchased, representing 5% of the amount initially issued, will be cancelled.

United Business Media said that following the repurchase it has $177.55 million of the bonds outstanding after prior buybacks of $202.45 million.

On Nov. 21 the company announced it paid $15.5 million, excluding accrued interest, to repurchase $12.5 million of the convertibles. On Nov. 16 the company announced it paid $60.4 million, excluding accrued interest, to repurchase $49.8 million of the convertibles.

Based in London, United Business Media offers information services in news distribution, publishing and events.

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