Veeco buys back $10 million 4.125% convertibles

By Jennifer Chiou

New York, March 21 - Veeco Instruments Inc. said it repurchased $10 million of its 4.125% convertible subordinated notes due December 2008 for $9.9 million, including $0.1 million for accrued interest.

After the repurchase, Veeco said it has $144 million of notes outstanding. The company originally issued $220 million of the convertibles in 2001.

On Feb. 7, Veeco paid $45.2 million in cash for the repurchase of $46 million of the securities. Of the total, $45 million went toward principal and $0.2 million was paid for accrued interest.

The company also said it may repurchase additional convertibles depending on market conditions, its cash position and other factors.

Veeco Instruments is based in Woodbury, N.Y., and provides products and services for nanoscale applications in the semiconductor, data storage, HB-LED/wireless and scientific research markets.

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