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Ciena buys back $106.5 million of 3.75% convertibles due 2008
By Angela McDaniels
Seattle, March 2 -Ciena Corp. repurchased $106.5 million of its outstanding 3.75% convertible notes due 2008 for $98.8 million during the fiscal first quarter ended Jan. 31, according to a company news release.
As a result, Ciena said it recorded a $6.7 million net gain and will save $8.0 million in future interest payments.
The Linthicum, Md.-based network equipment company now has $542.3 million of the convertibles outstanding.
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