Adaptec buys $1 million more 0.75% convertibles in fourth quarter

By Jennifer Chiou

New York, June 4 - Adaptec, Inc. repurchased another $1 million of its 0.75% convertible senior subordinated notes due 2023, according to a 10-K filing with the Securities and Exchange Commission.

During the first nine months of fiscal 2009, the company bought back $191 million of the notes for $188.9 million.

As already reported, in the fiscal second quarter, the company repurchased $138.5 million of the convertibles for $136.9 million, leaving $87 million of convertibles outstanding on Sept. 26, 2008.

The majority of the remaining holders exercised their Dec. 22 put option, according to a prior filing. The company paid 100.25 for a total of $32.5 million plus accrued interest.

Adaptec is a Milpitas, Calif., data storage company.

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