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Cray repurchases more than $52 million of convertibles in fourth quarter
By Jennifer Lanning Drey
Portland, Ore., Jan. 6 - Cray Inc. repurchased more than $52 million of its 3% convertible senior subordinated notes due 2024 at approximately 92% of par during the fourth quarter, Peter Ungaro, chief executive officer of Cray, said during a Tuesday presentation at the Needham & Co. Growth Conference in New York.
"We've been very good at being able to reduce our debt early," he said.
The company now has $27.7 million principal amount of the notes outstanding, according to an 8-K filing with the Securities and Exchange Commission.
Cray is a Seattle-based computer maker.
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