Linear Technology buys back $200 million 3.125% convertibles

By Jennifer Chiou

New York, Jan. 14 - Linear Technology Corp. announced that it purchased and retired $200 million of its 3.125% convertible senior notes during the quarter ended Dec. 28.

The Milpitas, Calif.-based maker of linear integrated circuits said that the buyback resulted in a gain of about $21 million.

Linear added that partially offsetting the favorable impact on earnings from this is the effect of severance costs and the acceleration of employee stock options that are significantly underwater.

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