El Paso buys back more than $1 billion of zero-coupon convertibles during put exercise

By Angela McDaniels

Seattle, Feb. 28 - El Paso Corp. said it repurchased $1,092,398,000 of its zero-coupon convertible debentures due 2021 during a put exercise that expired on Monday.

The company paid $552.07 per $1,000 principal amount at maturity for a total purchase price of roughly $603 million.

About $21.9 million of the debentures remains outstanding, according to a company news release.

El Paso is a Houston-based provider of natural gas and related energy products.

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