Safeguard buys back $42.2 million convertibles

New York, March 15 - Safeguard Scientifics Inc. said it bought back $42.2 million principal amount of its 5% convertible subordinated notes due 2006.

The Wayne, Pa., incubator of information technology and health care companies funded the repurchase using part of the proceeds of its recent offering of $150 million 2.625% convertible senior debentures due 2024.

So far Safeguard has used $84.2 million of the proceeds from the new convertibles to buy back old convertibles. It now has $115.8 million of the old securities outstanding.

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