Rewards Network buys back $15 million of 3.25% convertibles

By Laura Lutz

Des Moines, March 17 - Rewards Network Inc. repurchased $15 million principal amount of its 3.25% convertible subordinated debentures for $14.15 million during 2007, according to a 10-K filing with the Securities and Exchange Commission.

Rewards originally sold $70 million of the convertibles in a private placement on Oct. 15, 2003. The notes had a final maturity date of Oct. 15, 2023.

As of Dec. 31, 2007, there was $55 million principal amount of the convertibles outstanding.

Based in Chicago, Rewards is a Chicago-based provider of marketing and loyalty programs to the restaurant industry.

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