Cray repurchases more than $52 million of convertibles in fourth quarter

By Jennifer Lanning Drey

Portland, Ore., Jan. 6 - Cray Inc. repurchased more than $52 million of its 3% convertible senior subordinated notes due 2024 at approximately 92% of par during the fourth quarter, Peter Ungaro, chief executive officer of Cray, said during a Tuesday presentation at the Needham & Co. Growth Conference in New York.

"We've been very good at being able to reduce our debt early," he said.

The company now has $27.7 million principal amount of the notes outstanding, according to an 8-K filing with the Securities and Exchange Commission.

Cray is a Seattle-based computer maker.

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