Akamai calls all $56.6 million 5.5% convertibles

By Jennifer Chiou

New York, Aug. 4 - Akamai Technologies, Inc. announced the redemption of all of its outstanding $56.6 million of 5.5% convertible subordinated notes due 2007.

The company will pay 101.571% plus accrued interest to Sept. 7, the redemption date.

On Dec. 17, 2004, the company repurchased $24.9 million of the notes.

U.S. Bank NA is the trustee.

"Based on Akamai's recent financial performance and continued improvement in our profitability, we believe this is an excellent time to retire the remaining portion of our 5.5% notes," said Robert Cobuzzi, chief financial officer, in a news release.

"We have made significant strides over the past two years to restructure and strengthen our balance sheet, and this step is an additional key piece of that process."

The Cambridge, Mass., company provides services to accelerate content and business processes online.

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