Safeguard Scientifics to use up to $20 million of sale proceeds to buy back 2.625% convertibles

New York, Dec. 14 - Safeguard Scientifics, Inc. said its board of directors has authorized it to use up to $20 million of the proceeds from an asset sale to repurchase some of its 2.625% convertible senior debentures due 2024.

Timing will depend on market conditions, and the transactions may be in the open market or privately negotiated.

"Our board believes Safeguard can repurchase our debt securities opportunistically at attractive prices," said Peter Boni, president and chief executive officer of Safeguard, in a news release.

"Based on the current market price of the debentures, we believe this repurchase program is a prudent use of our cash."

Safeguard, a Wayne, Pa., technology incubator, announced that it has sold most of its interests in eight private equity funds for $24 million in cash. The buyer also assumed $9 million of unfunded capital commitments to the funds.

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