Rewards Network buys back $2.1 million of 3.25% convertibles

By Angela McDaniels

Tacoma, Wash., April 30 - Rewards Network Inc. said it purchased $2.1 million of its 3.25% convertible subordinated debentures due 2023 in the quarter ended March 31.

The repurchase cost $2 million, according to the company's earnings release for the first quarter.

The company issued $70 million of the notes in October 2003. They are callable after five years and are putable in years five, 10 and 15.

Rewards Network is a Chicago-based provider of marketing services and frequent dining programs to the restaurant industry.

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