Headwaters buys back $19 million of its 16% convertible notes due 2016

By Devika Patel

Knoxville, Tenn., Aug.11 - Headwaters Inc. said it repurchased and canceled $19 million of its 16% convertible senior subordinated notes due 2016.

The company paid approximately $22.8 million for the notes, which included about $600,000 in interest through the purchase date. Headwaters will recognize a one-time, non-cash expense associated with this repurchase of approximately $1.3 million.

Following the repurchase, about $19.3 million of the 16% convertibles remains outstanding.

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

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