Magma Design Automation buys back $40.3 million convertibles

By Jennifer Chiou

New York, May 24 - Magma Design Automation Inc. said it repurchased $40.3 million face amount of its zero-coupon convertible subordinated notes due May 2008 in privately negotiated transactions.

Magma added it acquired the securities at a discount of 13.25% for a purchase price of $35 million.

The buyback is about 38% of the total notes. Magma now has $65.2 million principal amount of the notes outstanding.

On May 3, the Santa Clara, Calif., maker of semiconductor design software bought back $44.5 million face amount of the securities at a discount of 22%, spending $35 million.

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