Powerwave to buy back $101.59 million 1.25% convertibles

By Jennifer Chiou

New York, Nov. 15 - Powerwave Technologies, Inc. agreed to repurchase $101.59 million of its 1.25% convertible subordinated notes due July 2008 from one noteholder, according to an 8-K filing with the Securities and Exchange Commission.

The repurchase date is expected to be Nov. 19.

Following the repurchase there will be $25.42 million of the notes outstanding.

On July 14, 2003, the company sold $130 million of the five-year convertible notes at par with a 32% initial conversion premium.

Powerwave is a Santa Ana, Calif.-based designer, manufacturer and marketer of ultra-linear radio frequency power amplifiers for use in the wireless communications market.

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