Network Equipment buys back $29.8 million 3.75% convertibles

By Susanna Moon

Chicago, Oct. 28 - Network Equipment Technologies, Inc. said it repurchased $29.8 million of its 3.75% convertible senior notes in the quarter ended Sept. 26.

The company said it used $10.5 million of cash to buy back the notes.

There is $55.2 million of the convertibles outstanding. The company priced $85 million of the bonds on Dec. 12, 2007.

Network Equipment Technologies is a Fremont, Calif.-based voice and data communications equipment producer.

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