Rockford repurchases $3 million convertibles, 285,000 warrants for $2.7 million

By Ted A. Knutson

Washington, Nov. 28 - Rockford Corp. announced Monday it has repurchased $3 million face value of its outstanding convertible notes and 285,000 associated warrants for about $2.7 million.

Rockford entered into the original agreements to issue $12.5 million of 4.5% convertible senior subordinated secured notes and warrants on June 10, 2004 and amended them on Nov.12, 2004.

After the repurchase, $9.5 million face amount of notes and 961,573 associated warrants will remain outstanding.

Tempe, Ariz.-based Rockford is a designer, marketer and distributor of high-performance audio systems for vehicles.

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