Comverse Technology repurchases $417.28 million zero-yield putable securities due 2023

By Angela McDaniels

Tacoma, Wash., May 18 - Comverse Technology, Inc. accepted for purchase $417.28 million principal amount of its new zero-yield putable securities due May 15, 2023 during a tender offer that expired May 15, according to a company news release.

Under the indenture governing the securities, each holder has the right to require the company to repurchase the securities for cash.

Holders received $1,000 for each $1,000 principal amount of securities tendered.

Following payment for the securities, $94,000 principal amount remains outstanding. The company said it also has $2.10 million of other convertible debt securities outstanding.

D.F. King & Co. (800 269-6427 or collect 212 269-5550) was the information agent.

Comverse is a New York-based provider of communications and billing software and services.

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