Richardson Electronics buys back, retires $3.3 million 8% convertibles

By Jennifer Chiou

New York, Jan. 7 - Richardson Electronics, Ltd. repurchased and retired $3.3 million of its 8% senior subordinated convertible notes at a discount of 29%.

The transactions took place during the second quarter of fiscal 2009.

The retirement of the notes was financed through cash generated from operating activities.

The 8% notes due 2011 were first issued in principal of $25 million in November 2005.

Richardson, based in Lafox, Ill., distributes electronic products through radio frequencies.

The stock closed at $3.62 on Wednesday (Nasdaq: RELL).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.