Borland Software buybacks leave $159.3 million of convertibles outstanding

By Angela McDaniels

Tacoma, Wash., Nov. 6 - Borland Software Corp. said it used available cash to repurchase some of its senior convertible notes during June and August.

The outstanding amount of the convertibles fell to $159.3 million as of Sept. 30 from $200 million at Dec. 31, 2007, according to the company's earnings release for the third quarter.

The June and August repurchases resulted in gains on debt retirement, Borland Software noted.

On June 5, the company said its board of directors authorized the use of up to $15 million of available cash to repurchase convertibles within the next six months. A similar authorization was reported on Aug. 22.

Borland Software is based in Austin, Texas, and provides technology and consulting services.

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