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Network Equipment spends $41.8 million of cash to buy back convertibles during fiscal 2009
By Angela McDaniels
Tacoma, Wash., May 11 - Network Equipment Technologies, Inc. said it used $41.8 million of its cash and investments to repurchase convertible bonds during fiscal 2009, which ended March 27.
The principal amount outstanding of 3.75% convertible senior notes decreased to $13 million on March 27 from $85 million on March 28, 2008, and the principal amount outstanding of 7.25% redeemable convertible subordinated debentures decreased to $23.70 million from $24.71 million over the same period.
The company ended the fiscal year with $97.02 million of cash and investments.
Network Equipment Technologies is a telecommunications equipment maker based in Fremont, Calif.
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