United Business Media buys back $49.8 million 2.375% convertibles

By Jennifer Chiou

New York, Nov. 16 - United Business Media plc said it has repurchased $49.8 million of subsidiary United Business Media Jersey Ltd.'s $400 million of 2.375% guaranteed convertible bonds due 2006.

The company paid $60.4 million, excluding accrued interest.

The bonds purchased, representing 12.45% of the initial amount, will be cancelled. After the repurchase, the company said it will have $210.05 million of the convertibles outstanding.

In 2005, the company said it bought back about $190 million of 2.375% convertibles and $179.3 million of 7¾% notes. Earlier this year, the company also noted it purchased about 3 million shares for cancellation.

Based in London, United Business Media offers information services in news distribution, publishing and events.

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