Cogent bought back $88 million of 1% convertibles in fourth quarter

By Jennifer Chiou

New York, Feb. 26 - Cogent Communications Group Inc. said it repurchased $88 million of its 1% convertible senior notes due 2027 during the fourth quarter ended Dec. 31 for $48.6 million in cash.

The Washington, D.C.-based provider of high-speed internet access previously bought back $20 million of the notes in September.

As a result of the total $108 million of repurchases during 2008, the company said it recorded a gain of $57.6 million.

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