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Rewards Network buys back all remaining 3.25% convertibles at discount
By Susanna Moon
Chicago, March 12 - Rewards Network Inc. said it bought back all of its 3.25% convertible subordinated debentures due Oct. 15, 2023 either in the market or through exercise of a put option.
The company purchased $40,212,000 of its 3.25% convertibles for $39.87 million during the nine months ended Sept. 30, according to a 10-K filing with the Securities and Exchange Commission.
As a result, the company recognized a gain on extinguishment of $266,000.
On Oct. 15, Rewards Network purchased $14,588,000 of the convertibles that were put by investors at par plus accrued interest. The company purchased the remaining $200,000 of convertibles on Oct. 20 at par. As of Dec. 31, none of the notes was outstanding.
The company sold $70 million principal amount of the convertibles a private placement on Oct. 15, 2003.
Rewards Network is a Chicago-based provider of marketing services and frequent dining programs to the restaurant industry.
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