Headwaters to repurchase $24.3 million of 2.5% convertibles due 2014

By Susanna Moon

Chicago, May 8 - Headwaters Inc. said it will repurchase about $24.3 million principal amount of its 2.5% convertible subordinated notes due 2014.

The $24.7 million payment includes about $200,000 of accrued interest through the purchase date, according to a company press release.

After settlement, there is $15.6 million principal amount of the 2.5% convertibles remaining.

"With this transaction, Headwaters has repurchased $39.5 million of face value of its 2.5% notes in fiscal 2013, decreasing annual cash interest expense by $1 million," Don P. Newman, Headwaters' chief financial officer, said in the release.

"We remain focused on reducing debt and strengthening our balance sheet."

Headwaters is a South Jordan, Utah-based manufacturer of light building products and heavy construction materials.

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