Stewart Enterprises reports purchase of $14.9 million of convertibles

By Marisa Wong

Madison, Wis., Sept. 8 - Stewart Enterprises, Inc. purchased an additional $14.9 million of its senior convertible notes in the open market from July 31 through Aug. 31, according to a 10-Q filing with the Securities and Exchange Commission.

The company said it has purchased the senior convertible notes at $26.5 million less than the face value and has saved $3.8 million in annual cash interest since the beginning of the notes repurchases.

Stewart Enterprises is a Jefferson, La.-based provider of funeral and cemetery products and services.

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