Network Associates says nearly all 0% convertibles put back

New York, Feb. 14 - Network Associates, Inc. said almost all its remaining zero-coupon convertible debentures due 2018 were put back to the company, leaving just $500,000 outstanding.

The Santa Clara, Calif. computer security company said it paid $177.1 million in cash for the $358.0 million principal amount at maturity of the convertibles whose holders exercised the put. The option was exercisable on Feb. 13 at $494.52 per $1,000 principal amount at maturity.

Network Associates originally issued $885.5 million principal amount of the convertibles in February 1998, raising $337.6 million. It subsequently repurchased $527.0 million principal amount at maturity in private transactions.

The company's $345.0 million of 5.25% convertible notes due in 2006 remain outstanding.

Emcore buys back $13.3 million convertibles

New York, Feb. 14 - Emcore Corp. said it bought back $13.3 million principal amount of its 5% convertible subordinated notes due May 2006 in multiple transactions during December 2002.

The Somerset, N.J. semiconductor company said in a filing with the Securities and Exchange Commission that it paid a total of $6.3 million for the convertibles, resulting in a gain of $6.6 million after allowing for $0.3 million of unamortized debt issuance costs.

Emcore originally issued $175 million of the notes in May 2001. Its directors authorized it to repurchase the securities in May 2002.

Emcore added that it may buy back more of the convertibles.

Semtech adds $75 million to buyback program

New York, Feb. 14 - Semtech Corp. said its board of directors authorized a further $75 million of buybacks under the company's repurchase program for its stock and convertibles.

The addition increases the total size to $275 million.

The Camarillo, Calif. semiconductor company said that since January 2001 it has bought back $200 million of stock and convertible subordinated notes under the program.

Talk America prepays $1.5 million convertibles

New York, Feb. 14 - Talk America said it prepaid $1.5 million of its 8% convertible notes due 2006.

The Reston, Va. communications company said the transaction was in connection with its repurchase in the open market of $4.0 million principal amount of its 12% senior subordinated notes due 2007.

Total debt is now $95.4 million.

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