McAfee holders convert $83.4 million of 5.25% notes

Pittsburgh, Aug. 23 - McAfee Inc. said $83.4 million of its 5.25% convertible subordinated notes were converted before the Aug. 20 redemption and about $265 million of the notes were redeemed for cash, according to a company news release.

Following the redemption McAfee has no 5.25% notes or long-term debt outstanding.

The company plans to launch a stock buyback program through which up to $200 million of its 162 million shares outstanding may be repurchased over the next two years, depending on market conditions, share price and other factors, the release said.

McAfee is a Santa Clara, Calif., creator of computer security solutions.

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