Comverse begins tender for ZYPS due 2023

By Laura Lutz

Des Moines, April 16 - Comverse Technology, Inc. said it is launching a cash tender offer for all of its outstanding zero-yield putable securities (ZYPS) due May 15, 2023 and new ZYPS due May 15, 2023.

There was $419.49 million of the securities outstanding as of April 15.

Comverse is offering to pay $1,000 for each $1,000 principal amount of ZYPS tendered.

The offer will expire at 5 p.m. ET on May 15.

Bank of New York Trust Co., NA is the depositary. D.F. King & Co. (800 769-7666 or collect 212 269-5550) is the information agent.

Comverse is a New York-based provider of communications and billing software and services.

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