Emulex buys back $47 million convertibles

New York, May 6 - Emulex Corp. said it bought back $47.0 million face amount of its 0.25% convertible subordinated notes due 2023 on April 28.

The Costa Mesa, Calif., storage networking company paid $43.6 million for the securities.

Ahead of the buy back, on March 27, Emulex had $364.5 million face amount of the 0.25% convertibles outstanding.

Emulex said that with the latest repurchase it has used up the authorization for repurchases given by its board - although it added that depending on future market conditions the directors may give approval for further buybacks, according to a 10-Q filing with the Securities and Exchange Commission.

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