United Business Media buys back $78.75 million convertible bonds

By E. Janene Geiss

Philadelphia, Oct. 18 - United Business Media announced Tuesday that it has repurchased $78.75 million of the $400 million 2 3/8% guaranteed convertible bonds due 2006 issued by its subsidiary, United Business Media Ltd.

United Business Media paid $93.7 million, excluding accrued interest.

According to a company news release, the bonds purchased, which represent 19.7% of the initial amount, will be cancelled.

Following this and prior repurchases of $61.4 million, the outstanding amount of the bonds is $259.85 million, the release said.

United Business Media is a London-based business information services company.

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