Cogent buys back $20 million of 1% convertibles in September

By Jennifer Chiou

New York, Sept. 19 - Cogent Communications Group Inc. repurchased $20 million of its 1% convertible senior notes due 2027 for $9.9 million in cash in September, according to an 8-K filing with the Securities and Exchange Commission.

The Washington, D.C.-based provider of high-speed internet access added that on Sept. 17, David Schaeffer, chairman and chief executive officer of the company, purchased $3 million of the convertibles for $1.38 million in cash in open-market transactions.

As a result of the $20 million of repurchases, the company expects to record a gain of about $9.66 million.

Also, since July 1, Cogent has repurchased 1,232,940 shares of its common stock at an average price per share of $9.72 in connection with its previously announced stock repurchase program.

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