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Comverse Technology repurchases $417.28 million zero-yield putable securities due 2023
By Angela McDaniels
Tacoma, Wash., May 18 - Comverse Technology, Inc. accepted for purchase $417.28 million principal amount of its new zero-yield putable securities due May 15, 2023 during a tender offer that expired May 15, according to a company news release.
Under the indenture governing the securities, each holder has the right to require the company to repurchase the securities for cash.
Holders received $1,000 for each $1,000 principal amount of securities tendered.
Following payment for the securities, $94,000 principal amount remains outstanding. The company said it also has $2.10 million of other convertible debt securities outstanding.
D.F. King & Co. (800 269-6427 or collect 212 269-5550) was the information agent.
Comverse is a New York-based provider of communications and billing software and services.
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