Teradyne bought back $15 million 3.75% convertibles in February

By Jennifer Chiou

New York, March 14 - Teradyne Inc. said it repurchased $15 million of its 3.75% convertible senior notes due 2006 on Feb. 16, according to a 10-K filing with the Securities and Exchange Commission.

According to the filing, on Jan. 26 the company's board authorized the buyback of up to all $300 million of the convertibles at a repurchase price not to exceed 100% of the principal amount plus any accrued interest.

In addition to the buybacks, if Teradyne shares finish above the conversion price of $26.00 per share, management may force conversion of the notes, the filing stated.

However, if the company's stock drops below the conversion price between the notice of redemption and the redemption date, Teradyne will be forced to redeem a portion of notes in cash.

As of Feb. 22, $285 million of the convertibles remain outstanding.

Teradyne is a Boston-based supplier of automatic test equipment and high performance interconnection systems.

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