Maxtor buys back $94.3 million 6.80% convertibles

By Kimberly N. Alleyne

Stroudsburg, Pa., Aug. 15 - Maxtor Corp. announced Monday it repurchased $94.3 million principal amount of its existing 6.80% convertible senior notes due 2010 for a price of $95.8 million including accrued interest in privately negotiated transactions.

Maxtor financed its repurchase with part of the proceeds from the sale of $300 million principal amount of 2.375% convertible senior notes due 2012, which closed Monday.

The company added that it intends to repurchase up to $55.7 million more of the 6.80% convertibles in privately negotiated transactions.

Maxtor is a supplier of information storage solutions. The company was founded in 1982 and is based in Milpitas, Calif.

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