Symmetricom tenders for its $63.12 million convertibles

By Susanna Moon

Chicago, June 30 - Symmetricom, Inc. said it began a cash tender offer for up to $63.12 million principal amount its 3.25% contingent convertible subordinated notes due 2025.

The company said it would pay $990 per $1,000 principal amount of the notes plus accrued interest.

As of Monday, $120 million principal amount of notes remained outstanding.

The offer will expire at 5 p.m. ET on July 29.

A holder owning 63.4% of the outstanding notes has agreed to tender notes and, upon Symmetricom's purchase of and payment for 52.6%, or $40 million, to rescind the acceleration notice received by Symmetricom on May 7.

D.F. King & Co., Inc. (800 549-6697 or collect at 212 269-5550) is the information agent.

The San Jose, Calif.-based company and its subsidiaries supply precise timing products to industry, government, utilities and aerospace markets.

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