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Valassis says $64.3 million convertibles put back
Pittsburgh, June 9 - Valassis Communications Inc. said $64.3 million principal amount at maturity of its zero-coupon convertible notes due 2021 were put back to the company, according to an 8-K filing with the Securities and Exchange Commission.
The put option required the Livonia, Mich.-based Valassis to purchase the notes June 6 at a price of $602.77 per $1,000 of principal amount at maturity.
Of the 86,840 bonds outstanding on June 6, 64,272 were put back to the company and Valassis paid $38.7 million to the trustee of the notes on June 7, according to the filing.
As of June 7, $13.6 million accreted value remained outstanding.
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