Jazz buys back $20.55 million convertibles

New York, Sept. 6 - Jazz Technologies, Inc. said it bought back $20.55 million of its 8% convertible senior notes for a total price of $17,233,125.

The Newport Beach, Calif., semiconductor maker paid between 79.75 and 97.5 for the notes.

Following the buybacks, Jazz has $146.2 million of convertible notes outstanding.

Jazz also bought from Conexant Systems, Inc. 1.71 million shares at $2.43, the closing price on Aug. 17, the date of the transaction. The total price was $4.16 million.

In June and September, Jazz paid $2.36 million to repurchase all the unit purchase options outstanding.

Jazz also repurchased on Sept. 4 208,333 units at $3.90 per unit and 62,920 shares of common stock at $2.98 per share from Acquicor Management LLC, an entity owned in part and controlled by Gilbert F. Amelio, Jazz's chairman and chief executive officer.

The company said the actions are part of a continuing effort to simplify its capital structure and reduce its cost of capital.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.