Cyberonics buys back $19.8 million 3% convertibles during last quarter

By Angela McDaniels

Tacoma, Wash., Feb. 18 - Cyberonics, Inc. said it repurchased $19.8 million of its outstanding 3% convertible notes due 2012 during the third quarter of fiscal 2009, which ended on Jan. 23.

Cyberonics paid $13.6 million for the convertibles and recorded a net gain of $5.7 million, according to its earnings release.

The company said it has retired $67.7 million of debt in the last five quarters, including $60.2 million of convertibles.

Cyberonics is a Houston-based medical technology company with a focus on neuromodulation.

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