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News America buys back $834 million exchangeable TOPrS
New York, March 18 - News America Inc. said it agreed to buy back $834 million of its 5% exchangeable trust originated preferred securities (TOPrS) from holders in a privately negotiated transaction.
Completion of the repurchase is subject to News America completing its offering of $1.5 billion senior BUCS exchangeable for British Sky Broadcasting plc ordinary shares or American Depositary Shares. The exchangeables will be issued via News America Finance Trust II.
In an earlier announcement, News America said the investors selling the TOPrS - at that point the total was $715 million - back to News America have agreed to buy $400 million of the new exchangeables and may buy as much as $750 million in total.
Western Digital calls remaining convertibles
New York, March 18 - Western Digital Corp. said it called for redemption its remaining zero-coupon convertible subordinated debentures due 2018 issued by its Western Digital Technologies, Inc. subsidiary.
The convertibles will be redeemed on April 17 at $463.17 per $1,000 principal amount at maturity, equivalent to the original issue price plus accrued interest.
As of March 18, the Lake Forest Calif. disk drive maker had $555,000 principal amount of the convertibles outstanding.
In February, holders of most of then-outstanding convertibles exercised the put option, resulting in Western Digital paying $73.70 million for $160.34 principal amount at maturity of the securities.
Western Digital said that after it redeems the remaining convertibles it will have no long-term debt.
Holders can convert the securities into stock until 5.00 p.m. ET on April 16 at the rate of 14.935 shares per $1,000 principal amount at maturity. Western Digital stock closed at $7.61 Monday.
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