Teradyne buys back $20 million convertibles

New York, March 16 - Teradyne, Inc. said it bought back $20 million of its 3.75% convertible senior notes due 2006 during the first quarter.

The company said it made the repurchase because the fair market value was below the call price.

The notes were callable beginning Oct. 18, 2004 at 101.50, reducing to 100.75 on Oct. 15, 2005 and par from Oct. 15, 2006 onwards.

Teradyne said it intends to buy back additional notes when it believes the price is beneficial to the company, according to a 10-K filing with the Securities and Exchange Commission. Its directors have authorized up to $100 million of repurchases at prices below 101.5.

Teradyne is a Boston-based supplier of automatic test equipment and high performance interconnection systems.

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