Cyberonics buys back $27.6 million 3% convertibles

By Angela McDaniels

Tacoma, Wash., Sept. 3 - Cyberonics, Inc. said it repurchased roughly $27.6 million of its 3% convertible notes due 2012 for $25 million in cash, excluding interest.

Following the privately negotiated repurchases, $97.4 million of the convertibles remain outstanding, according to a company news release.

Because the repurchases were done at a discount to par, the company will record a one-time gain of about $2.6 million on a pre-tax basis during the second quarter ending Oct. 24, president and chief executive officer Dan Moore said in the release.

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

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