Hutchinson Technology repurchases $25 million 2¼% convertible notes

By Devika Patel

Knoxville, Tenn., Aug. 5 - Hutchinson Technology Inc. repurchased and canceled $25 million of its 2¼% convertible subordinated notes due 2010 in the open market during June for $23 million, according to a 10-Q filed Wednesday with the Securities and Exchange Commission.

The repurchases were made with available cash and cash equivalents at an average discount of 8%.

Following these repurchases there is $65.07 million of the notes outstanding.

The Hutchinson, Minn.-based disk drive producer may prepay or retire more debt through cash purchases in open market or privately negotiated transactions, depending on prevailing market conditions, liquidity requirements, contractual restrictions and other factors.

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