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ASM buys back $15.3 million of 5.25%, 4.25% convertibles
By Susanna Moon
Chicago, Aug. 29 - ASM International NV said it completed the buyback of $6.3 million principal amount of its 5.25% convertible subordinated notes due 2010 and $9 million principal amount of its 4.25% convertible subordinated notes due 2011.
The company said it funded the buybacks with €15.1 million of the €25 million 2007 interim cash dividend received from its subsidiary ASM Pacific Technology Ltd.
Remaining funds from the dividend will be used for a €4.7 million stock repurchase and €0.10 cash dividend to shareholders on Sept. 6, according to a press release.
On May 21, ASM announced the repurchase of $14.5 million of its 5.25% convertible subordinated notes due 2010 and $5.6 million of its 4.25% convertible subordinated notes due 2011.
The company said at the time that it would use €20.5 million of the €24 million 2006 final cash dividend it received from subsidiary ASM Pacific on April 30 for the buybacks.
ASM announced in November that it would use cash dividends from its subsidiary during at least 2007 to 2009 for one or more of the following: repurchase of common shares, buyback of outstanding convertible notes, cash dividends and, to a limited extent, the purchase of additional shares of ASM Pacific Technology.
ASM is a Netherlands-based semiconductor circuitry maker.
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