Network Equipment Technologies buys back additional convertibles

By Angela McDaniels

Tacoma, Wash., Jan. 6 - Network Equipment Technologies, Inc. used $23.1 million to repurchase convertible debt during the third quarter of fiscal 2009, according to the company's preliminary earnings release.

The company said its fiscal third-quarter income will include about $18.8 million of gains related to the early retirement of convertible debt. This includes the previously reported $14.5 million gain from the company's repurchase of $32.7 million convertibles at a discount in November.

On Nov. 24, the company said $23.5 million of its 3.75% convertible senior notes and $23.7 million of its 7.25% convertible subordinated debentures remained outstanding.

The figure for the 3.75% convertibles is now $13 million, and the amount of 7.25% convertibles outstanding remains unchanged.

Network Equipment Technologies is a telecommunications equipment maker based in Fremont, Calif.

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