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Recent convertible buybacks - repurchases continue apace
New York, Dec. 23 - The rush of companies buying back and exchanging their outstanding convertible securities shows no sign of letting up.
In a trend that began early in the fall and has continued unabated, issuers have been reducing their outstanding convertibles, either repurchasing them for cash or exchange them for stock, in many cases at deeply discounted prices.
For the companies, the opportunity to repay debt and reduce the potential quantity of shares they may have to issue has been a silver lining to the recent troubles in the financial markets.
The table that follows summarizes all the repurchases reported by Prospect News since Oct. 1.
Amounts are in millions, and are in dollars unless otherwise indicated.
Date of Report Headline Amount (millions, $ unless indicated)
12/22/2008 Top Image buys back $550,000 of its series A convertible debentures 0.55
12/22/2008 Giga-Byte buys back $1 million of its 0% convertibles due 2011 1
12/22/2008 Sinomem to repurchase S$30 million in 0% convertibles due 2011 S$30
12/21/2008 Sirius to issue 108.1 million shares in exchange for 2.5% convertibles 15.64
12/21/2008 Liberty International holders agree to convert £5 million 3.95% convertibles £5
12/21/2008 Cano spends $10.5 million to buy back convertibles in November, December 10.5
12/21/2008 Thoresen Thai buys back $5.1 million 2.5% convertibles due 2012 5.1
12/21/2008 Olam repurchases $1 million 1% convertibles due 2013 1
12/18/2008 Liberty International holders convert £21 million of 3.95% bonds for shares, cash £21
12/18/2008 Cypress Semiconductor holders put back $28.7 million 1% convertibles 28.7
12/17/2008 Freeport-McMoRan to induce conversion of $268 million 5.5% convertible preferreds 268
12/17/2008 Greatbatch buys back $21.8 million 2.25% convertibles 21.8
12/16/2008 AAR retires $56.6 million of convertibles in second quarter 56.6
12/16/2008 SBA Communications buys back $25.8 million more 0.375% convertibles 25.8
12/15/2008 CIT to retire $477.6 million equity units in exchange offer 477.6
12/14/2008 Scientific Games to repurchase $50 million 0.75% convertibles 50
12/14/2008 Avatar may repurchase up to $30 million of its 4.5% convertibles 30
12/11/2008 Globalstar agrees to exchange $2 million 5.75% convertibles for stock 2
12/11/2008 ASM retires $48 million of 5.25% convertibles at discount 48
12/11/2008 Fleetwood completes successful exchange offer for 5% convertibles 79
12/10/2008 LSB Industries repurchases $2.5 million more 5.5% convertibles 2.5
12/10/2008 Shin Kong repurchases $28.26 million 2009 euro convertible bonds 28.26
12/10/2008 Diodes buys back $46.5 million of 2.25% convertibles 46.5
12/9/2008 Olam to buy back $117.6 million of convertibles at 65 117.6
12/9/2008 Cray buys back $6.07 million 3% convertibles 6.07
12/9/2008 Valeant redeems $33 million of convertibles in November 33
12/9/2008 Citycon buys back €5 million more 4.5% convertibles 5
12/9/2008 AU Optronics buys back $18.62 million of its AUO third overseas convertibles 18.62
12/8/2008 Thoresen Thai buys back another $12 million 2.5% convertibles 12
12/8/2008 Hutchinson Technology buys back $60 million of its 2.25% convertibles due 2010 60
12/8/2008 Forest City buys back $15 million of 3.625% convertibles during third quarter 15
12/8/2008 China High Speed repurchases RMB 44 million of 0% convertibles due 2011 RMB 44
12/5/2008 Inland may buy back $30 million of its 4.625% convertibles due 2026, repurchases $10.5 million of its convertible senior notes 10.5
12/5/2008 Amdocs buys back $100 million of its convertibles due 2024 100
12/5/2008 France Telecom buys back €265.66 million Oceanes 265.66
12/4/2008 LSB Industries bought back $17 million 5.5% convertibles since Nov. 10 17
12/4/2008 USA Technologies buys back $90,000 convertible preferreds 0.09
12/3/2008 RF Micro buys back 10% of its 2010 convertible debt 23
12/3/2008 Thoresen Thai buys back $21.9 million 2.5% convertibles due 2012 21.9
12/2/2008 Impax Labs buys back $62.25 million 3.5% convertibles at discount 62.25
12/2/2008 ShengdaTech buys back $19.75 million in 6% convertibles due 2018 19.75
12/2/2008 ON Semiconductor buys back $60.9 million 0% subordinated convertibles 60.9
12/2/2008 Aspect repurchases $35 million more 2.5% convertibles due 2014 35
12/1/2008 Skyworks retires $40.5 million more 1.5% convertibles at discount 40.5
12/1/2008 Citycon buys back €1 million 4.5% convertibles 1
11/28/2008 Kulicke repays 0.5% convertibles, buys back $3 million 1% convertibles 3
11/25/2008 ImClone to redeem 1.375% convertible notes due 2024 in connection with Eli Lilly merger
11/25/2008 Soilbuild buys back, cancels S$8 million of its convertibles S$8
11/25/2008 China High Speed buys another RMB 29.1 million of its 0% convertibles due 2011 RMB 29.1
11/24/2008 Thoresen Thai buys back $9 million 2.5% convertibles 9
11/24/2008 Veeco buys back $12.2 million 4.125% convertibles 12.2
11/21/2008 Nihon Dempa buys back ¥1.5 billion 0% convertibles due 2011 ¥1500
11/21/2008 Network Equipment buys back $32.7 million convertibles at below par 32.7
11/21/2008 LSB Industries buys back $4 million more 5.5% convertibles 4
11/21/2008 Lonking buys back $4 million of its convertibles due 2012 4
11/21/2008 Taiwan's Bank SinoPac repurchases $5 million euro convertible bonds 5
11/20/2008 SBA repurchases $37.6 million more 0.375% convertibles 376
11/20/2008 Macquarie Communications repurchases A$3 million more 2.5% exchangeables A$3
11/19/2008 Griffon repurchases $35.5 million 4% convertibles at discount 35.5
11/19/2008 China High Speed repurchases RMB 150 million of its 0% convertibles RMB 150
11/19/2008 LSB Industries buys back $6 million 5.5% convertibles 6
11/17/2008 Lonking repurchases $6.5 million more convertibles due 2012 6.5
11/17/2008 China High Speed buys back RMB 122 million more of its 0% convertibles RMB 122
11/16/2008 KSH Holdings buys back S$5 million of its convertibles due 2011 S$5
11/13/2008 LSB buys back $5 million of 5.5% convertibles; Jayhawk files suit against company 5
11/13/2008 Powerwave to buy back $39.06 million 1.875% convertibles 39.06
11/13/2008 RadiSys retires all its $37.5 million 1.375% convertibles due 2023 37.5
11/12/2008 Spacehab buys back $1.75 million convertibles 1.75
11/12/2008 Allied Defense repays $10.91 million of convertibles, says remainder will be put 10.91
11/12/2008 Petrominerales buys back $15.5 million in convertibles 15.5
11/12/2008 Reckson buys back $64 million 4% exchangeables 64
11/12/2008 Lonking repurchases $15.73 million more convertibles due 2012 15.73
11/11/2008 Amkor buys back $58 million 2.5% convertibles, $8 million 7 1/8% notes 58
11/10/2008 China Nickel buys back HK$205 million of its 3% convertibles due 2012 HK$205
11/10/2008 China High Speed buys RMB 31.8 million more of its 0% convertibles RMB 31.8
11/6/2008 Lithia buys back $38 million 2.875% convertibles, reduces bank borrowings 38
11/6/2008 Chesapeake Energy issues shares in exchange for 2.75%, 2.5%, 2.25% contingent convertibles 396.678
11/5/2008 Skyworks repurchases $62.4 million of 1.25%, 1.5% convertibles 62.4
11/5/2008 Finisar retires remaining 5.25% convertibles 92
11/5/2008 Borland Software buybacks leave $159.3 million of convertibles outstanding 40.7
11/5/2008 Par Pharma buys back $58 million of 2.875% convertible notes due 2010 58
11/5/2008 Nabi buys back $25.7 million in 2.875% convertible senior notes 25.7
11/5/2008 Nektar Therapeutics buys back $100 million in convertible debt 100
11/5/2008 Standard Motor buys back $30.1 million of its 6.75% convertibles 1
11/5/2008 Bank SinoPac buys back $13.85 million in euro convertibles 13.85
11/5/2008 Citadel retires $74.3 million in convertibles, $85.6 million in bank debt 74.3
11/5/2008 CV Therapeutics repurchases $14.9 million of its convertibles 14.9
11/4/2008 SBA acquires 42.4% of 0.375% convertibles via repurchase, exchange 148.5
11/4/2008 IOI Resources repurchases $26.51 million more of its 0% exchangeables 26.51
11/3/2008 Citycon repurchases €10 million of its convertibles 10
11/2/2008 Mindspeed buys back another $9 million of its 3.75% convertibles 9
11/2/2008 AudioCodes buys back $51.5 million 2% convertibles in October 51.5
11/2/2008 Lonking repurchases $3 million more of its convertibles due 2012 3
10/30/2008 Ciber repurchases $28.2 million more convertibles in October 28.2
10/30/2008 Nabors Industries buys back $100 million 0.94% exchangeables 100
10/30/2008 Sonic Automotive buys back $24.9 million 5.25% convertibles 24.9
10/30/2008 Lonking buys another $2.5 million of its convertibles due 2012 2.5
10/30/2008 IOI Resources repurchases $10 million of its 0% exchangeables due 2013 10
10/29/2008 VaxGen buys back $5 million more of its 5.5% convertibles 5
10/29/2008 Standard Motor Products buys back $29.1 million total debentures 29.1
10/29/2008 SonoSite repurchases $60.3 million of its 3.75% convertibles due 2014 60.3
10/29/2008 Xinyu Hengdeli repurchases RMB 20 million of 0% convertibles due 2012 RMB 20
10/29/2008 China High Speed buys back RMB 255 million of 0% convertibles due 2011 RMB 225
10/29/2008 Macquarie Communications buys back A$31 million more 2.5% exchangeables due 2012 A$31
10/28/2008 Sirius XM issues stock in exchange for $19.5 million of 2.5% convertibles 19.5
10/28/2008 HKR International buys back HK$65 million more of its convertibles HK$65
10/27/2008 Palm Harbor Homes retires $14.4 million of its convertibles 14.4
10/27/2008 Lithia Motors redeems $38 million of its convertibles 38
10/27/2008 Extra Space Storage buys back $40.3 million 3.625% exchangeables 40.3
10/27/2008 Network Equipment buys back $29.8 million 3.75% convertibles 29.8
10/26/2008 AmeriCredit retires $114.7 million of 1.75% convertibles 114.7
10/26/2008 Punch Taverns buys back £49.5 million 5% convertibles due 2010 £49.5
10/26/2008 Lonking repurchases another $5 million of its convertibles due 2012 5
10/23/2008 CapitalSource to exchange stock for its 1.25%, 1.625% convertibles 45
10/23/2008 Cell Genesys buys back $26.3 million 3.125% convertibles at discount 26.3
10/23/2008 Calgon Carbon issues 2.3 million shares in exchange for $11.6 million 5% convertibles 11.6
10/23/2008 Lonking buys back $4 million more of its 0% convertibles due 2012 4
10/23/2008 Nihon Dempa to buy back ¥500 million of its 0% convertibles due 2011 ¥500
10/23/2008 Overstock.com retires $9.5 million of convertibles 9.5
10/23/2008 Zarlink announces 6% convertible debenture buyback program C$7.87
10/22/2008 ST Treasury redeems S$750,000 of its 1.56% exchangeables due 2010 S$750,000
10/22/2008 JetBlue buys back $53 million of its 3.75% convertibles due 2035 53
10/22/2008 CBH buying back 7.25% unsecured convertible notes due 2012 A$47.47
10/22/2008 Lonking buys back another $2 million of its 0% convertibles 2
10/21/2008 AudioCodes buys back $50 million of 2% convertibles due 2024 50
10/21/2008 HKR buys back another HK$30 million of convertibles HK$30
10/21/2008 Lonking repurchases $4 million more of its 0% convertibles due 2012 4
10/20/2008 American Tower holders convert $150.8 million of 3% convertibles 150.8
10/20/2008 Far East buys back HK$141 million zero-coupon convertibles due 2009 HK$141
10/20/2008 Lonking buys back yet another $3 million of its convertibles 3
10/19/2008 Sirius XM issues stock in exchange for $30.5 million of 2.5% convertibles 30.5
10/19/2008 Paramount Energy to buy back up to C$23.58 million convertibles C$23.58
10/19/2008 Harvest Energy to buy back up to 10% of seven series of convertibles C$91.37
10/19/2008 Avatar buys back $35.9 million of its 4.5% convertibles 35.9
10/19/2008 Mindspeed repurchases $11.5 million of its 3.75% convertibles of 2009 11.5
10/19/2008 HKR repurchases HK$35 million more of its 0% convertibles due 2010 HK$35
10/19/2008 Lonking buys back another $3 million of its 0% convertibles at 66 3
10/19/2008 Advanced Medical buys back $181 million of 3.25%, 2.5% convertibles 181
10/16/2008 Pacific Basin Shipping buys back $43.5 million of 3.3% convertibles due 2013 43.5
10/16/2008 Euronet buys back $55 million of 1.625% convertibles 55
10/15/2008 SBA Communications buys back $62.01 million of 0.375% convertibles 62.01
10/15/2008 Soilbuild repurchases S$5 million of its convertibles S$5
10/15/2008 HKR buys back HK$20 million of its convertibles HK$20
10/14/2008 Level 3 issues stock in exchange for $108.21 million of convertibles 108.21
10/14/2008 HKR buys back HK$15 million of its convertibles HK$15
10/14/2008 New World China buys back RMB 250 million 0% convertibles due 2012 RMB 250
10/14/2008 Pacific Basin buys back $16.5 million of its 3.3% convertibles due 2013 16.5
10/14/2008 LeCroy buys back $2.7 million convertibles in first fiscal quarter 2.7
10/13/2008 LTX-Credence buys back $69.3 million 3.5% convertibles 69.3
10/13/2008 SBA Communications buys back $21 million of 0.375% convertibles 21
10/13/2008 Singapore's Soilbuild buys back S$3.5 million of 1% convertibles S$3.5
10/12/2008 Red Hat buys back $203 million of convertibles under amended program 203
10/12/2008 Sinclair buys back $12 million of 6% convertibles amid market turmoil 12
10/11/2008 VaxGen to buy back $3 million 5.5% convertibles from Quattro Fund 3
10/9/2008 Link Theory to buy back ¥2.5 billion of its 0% convertibles due 2009 ¥2500
10/8/2008 Far East buys back HK$137 million of its zero-coupon convertibles HK$137
10/6/2008 Cray repurchases $40.2 million of its 3% convertibles due 2024 40.2
10/5/2008 Novae buys back £986,361 more of its 7% convertibles £986,361
10/5/2008 Lexington buys back $160.5 million 5.45% exchangeables year to date 160.5
10/5/2008 Cyberonics buys back $12.7 million 3% convertibles 12.7
10/5/2008 China Nickel repurchases HK$50 million of its 0% convertibles due 2012 HK$50
10/5/2008 Elron buys back NIS 6.87 million Starling convertibles NIS 6.87
10/5/2008 Hong Kong's HKR buys back HK$20.14 million of its convertibles HK$20.14
10/2/2008 Lonking buys back another $1 million of convertibles 1
10/1/2008 Lonking buys back $6 million convertibles 6
10/1/2008 Shuffle Master buys back $20.4 million 1.25% convertibles using revolver draw 20.4
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