CSG Systems agrees to buy back $120 million of 2.5% convertibles

By Angela McDaniels

Tacoma, Wash., March 22 - CSG Systems International, Inc. agreed to repurchase approximately $120 million principal amount of its outstanding 2.5% senior subordinated convertible contingent debt securities (Codes) for approximately $125 million, according to a company news release.

The Codes are putable in June 2011.

The repurchase was expected to settle March 22.

The source of proceeds for the repurchase came from general corporate funds, including the net proceeds from the company's March 1 offering of $150 million 3% senior subordinated convertible notes due 2017.

Based in Englewood, Colo., CSG provides software- and services-based solutions for the management of customer interactions.

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