Headwaters buys back $5 million of 2.5% convertibles for $4.7 million

By Tali David

Minneapolis, July 17 - Headwaters Inc. announced that it repurchased and canceled $5 million of its 2.5% convertible subordinated notes due 2014 for cash payment of about $4.7 million, according to a press release.

Following the June 30 transaction, $58.6 million principal amount of the convertibles remains outstanding.

"With this repurchase we have reduced approximately $34.7 million of face value of our debt this fiscal year, eliminating over $3.7 million in annual cash interest expense," Headwaters' chief financial officer Don P. Newman said in the release.

Headwaters is a South Jordan, Utah-based manufacturer of light building products and heavy construction materials

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