Sybase retires $35 million of 1.75% convertible notes due 2025

By Jennifer Chiou

New York, Aug. 7 - Sybase, Inc. retired $35 million of its 1.75% convertible subordinated notes due 2025, according to a 10-Q filing with the Securities and Exchange Commission.

The company said it bought back the notes at a price of $1,432 for each $1,000 note, paying $50.1 million plus $300,000 of accrued interest.

On July 29, Sybase approved a $150 million increase to its stock repurchase program, and the repurchases of the 1.75% convertibles were made under that program.

They were bought back simultaneously with Sybase's $400 million offering of new convertible senior notes priced to yield 3.5% with a 35% initial conversion premium. That sale settled on Aug. 4.

The old convertibles were issued on Feb. 22, 2005.

The issuer is a Dublin, Calif.-based wireless software company for mobile and wi-fi technologies and Linux server software developer.

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