ACCO Brands bought back $14 million 7 5/8% notes, $34.2 million 10 5/8% notes in third quarter

By Jennifer Chiou

New York, Oct. 26 - ACCO Brands Corp. repurchased $14 million of its 7 5/8% senior subordinated notes and $34.2 million of its 10 5/8% senior secured notes during the third quarter, according to a 10-Q filing with the Securities and Exchange Commission.

As of Sept. 30, the company had $246.3 million of the 7 5/8% notes and $420.7 million of the 10 5/8% notes outstanding. These figures compare to $260.3 million and $454.9 million, respectively, outstanding at the end of June.

In the filing, the company said that it has cut its debt by $59.9 million during the second and third quarters of 2011 as a result of its strong cash position, enhanced by the proceeds from the sale of the GBC Fordigraph Pty. Ltd. business.

For the year, it has repurchased $25 million of the 7 5/8% notes and $34.9 million of 10 5/8% notes, the filing added.

ACCO Brands is a Lincolnshire, Ill.-based supplier of branded office products.

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