Adaptec to buy back remaining 0.75% convertibles within one year

By Lisa Kerner

Charlotte, N.C., Aug. 5 - Adaptec, Inc. said that within the next 12 months it plans to make open-market repurchases of the remaining balance of its 0.75% convertible senior subordinated notes due 2023, according to a 10-Q filing with the Securities and Exchange Commission.

During the first quarter ended July 3 of fiscal 2010, Adaptec repurchased less than $100,000 principal amount of the notes.

As previously reported, Adaptec said it repurchased $191 million of the $225 million 0.75% convertibles on the open market during the first nine months of fiscal 2009.

Noteholders may require Adaptec to repurchase all or a portion of the notes on Dec. 22, 2013, on Dec. 22, 2018 or upon a change of control, the filing said.

Adaptec is a Milpitas, Calif., data storage company.

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