Cyberonics buys back $12.7 million 3% convertibles

By Susanna Moon

Chicago, Oct. 6 - Cyberonics, Inc. said it repurchased $12.7 of its 3% convertible notes due 2012 for $10 million in cash, excluding interest.

Following the privately negotiated buybacks, $84.7 million of the convertibles remain outstanding.

Since July 25, the company said it has bought back $35 million of the convertibles.

"This repurchase continues the improvement to our balance sheet by reducing our debt position while maintaining an adequate level of cash," Dan Moore, president and chief executive officer of Cyberonics, said in a press release.

Cyberonics is a Houston-based medical technology company with a focus on neuromodulation.

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