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Euronet buys back $55 million of 1.625% convertibles
By Jennifer Chiou
New York, Oct. 17 - Euronet Worldwide Inc. said it repurchased $55 million of its $140 million 1.625% convertible senior debentures in privately negotiated transactions for a net consideration of $50 million.
The company said it recorded a pre-tax gain of $4.7 million because of the buyback of the notes, which have a first put date of December 2009.
Euronet added that its total debt was reduced to $428 million from $487 million after this repurchase, resulting in an improvement in its debt to adjusted EBITDA ratio to 3.1:1 as of Sept. 30 from 3.5:1 as of June 30 on annualized second-quarter 2008 adjusted EBITDA of $138.4 million.
Euronet is a Leawood, Kan.-based provider of electronic payment services.
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