Hutchinson repurchases $27.5 million 3.25% convertibles due 2026

By Devika Patel

Knoxville, Tenn., Nov. 2 - Hutchinson Technology Inc. reported that it bought back $27.5 million of its 3.25% convertible subordinated notes due 2026 in the fourth quarter.

Following this, there is $197.5 million of the convertibles remaining outstanding.

The repurchases resulted in a $7.1 million gain.

"We operated at close to breakeven in the fourth quarter as a result of substantial reductions in our costs achieved primarily through structural changes in our business," Wayne M. Fortun, Hutchinson Technology's president and chief executive officer, said in a press release. "In addition, over the course of the year, we repaid $132 million, or 35%, of our convertible debt."

The company is a Hutchinson, Minn.-based disk drive producer.

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