Headwaters agrees to repurchase $10 million 16% convertibles due 2016

By Jennifer Chiou

New York, May 21 - Headwaters Inc. entered into privately negotiated agreements on Wednesday to buy back and cancel $10 million of its 16% convertible senior subordinated notes due 2016, according to an 8-K filing with the Securities and Exchange Commission.

The company paid about $12.5 million, including accrued interest, for the notes.

Following the repurchase, $38.3 million of the 16% notes remains outstanding.

Headwaters said that the purchase was made using part of the remaining proceeds from its October 2009 sale of 11 3/8% senior secured notes due 2014.

The South Jordan, Utah, company provides products and services to the energy, construction and home improvement industries.

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