CompuCredit drops convertible debt by $160.15 million in 2008

By Angela McDaniels

Tacoma, Wash., Feb. 12 - CompuCredit Corp.'s outstanding principal amount of convertible senior notes declined to $389.85 million on Dec. 31 from $550 million a year earlier, according to its earnings release.

The company said it recorded a $112.24 million pre-tax gain on the repurchase of convertibles in 2008, $83.8 million of which was in the fourth quarter.

CompuCredit's $300 million 5.875% convertible senior notes due 2035 became callable in November.

Atlanta-based CompuCredit provides consumer credit and related financial services.

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