Corning bought back $487 million convertibles in 2004

New York, Feb. 22 - Corning Inc. said it retired a total of $487 million of its 3.5% convertible debentures and zero-coupon convertible debentures during 2004.

The Corning, N.Y.-based technology company said it paid $154 million in cash and issued 38 million shares for the securities, according to its 10-K filing with the Securities and Exchange Commission.

Following the buybacks, Corning now has $272 million of the zero-coupon convertibles outstanding. It said they will likely be put back to the company on Nov. 8, 2005 at a price of $819.54 per $1,000 principal amount at maturity or on Nov. 8, 2010 at a price of $905.29.

The 3.5% convertibles became callable at 102 on Nov. 8, 2004. Corning said "it is possible" that it will exercise the redemption option during 2005 or that it will carry out privately negotiated transactions to retire some of all of the $297 million remaining outstanding.

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