Aether Systems says $52.4 million convertibles tendered, up from previous announcement

New York, Nov. 19 - Aether Systems, Inc. said a final count in its tender offer revealed a much bigger response than previously announced, with $52.4 million of its 6% convertible subordinated notes due 2005 tendered, up from $38 million.

Aether Systems said the increase is due to securities that were validly tendered before the expiration of the offer but not reported to the company until Nov. 15.

As previously announced, the Owing Mills, Md. wireless data company will pay $750 per $1,000 to buy back the convertibles, the top end of the $700 to $750 range set for the dutch auction used to fix the purchase price.

Aether Systems had offered to buy back up to $100 million of the convertibles. Before the tender started the company had $207.3 million of the convertibles outstanding.

The offer expired on Nov. 12. Aether will pay accrued interest through Nov. 14.

Credit Suisse First Boston Corp. acted as dealer manager and D.F. King & Co., Inc. acted as information agent for the offer.

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