United Business Media buys back $22.1 million of 2.375% convertibles

By Jennifer Chiou

New York, April 3 - United Business Media plc said it has repurchased $22.1 million of subsidiary United Business Media (Jersey) Ltd.'s $400 million of 2.375% guaranteed convertible bonds due 2006.

The company paid $33.15 million, excluding accrued interest.

The repurchased convertibles, representing 5.5% of the initial amount, will be canceled. After the repurchase, $126.81 million of the convertibles will remain outstanding.

The business information company is based in London.

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