Cyberonics buys $15.6 million in convertible debt for $13.8 million

By Devika Patel

Knoxville, Tenn., Aug. 19 - Cyberonics, Inc. said it bought back $15.6 million of its convertible debt during the recently completed quarter for $13.8 million in cash.

Cyberonics said it recorded a net gain of about $1.5 million from these repurchases.

Since January 2008, the company has retired a total of $85.8 million of debt, including $78.3 million of convertible debt.

About $46.7 million of the convertible debt is now outstanding.

Cyberonics is a Houston-based medical technology company with a focus on neuromodulation.

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