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Terayon brings convertibles buy-backs to $299.9 million
New York, Nov. 14 - Terayon Communications Systems, Inc. reported it has brought repurchases of its 5% convertible subordinated notes due August 2007 to $299.9 million.
In July and August, the Santa Clara, Calif.-based broadband systems company said it bought back $104.2 million of the convertibles for $45 million in cash, resulting in an extraordinary gain of $51.8 million.
Those buybacks followed repurchases of $195.6 million of the convertibles in February for $68.5 million in cash, resulting in a pretax extraordinary gain of $121.5 million, Terayon said in a filing with the Securities and Exchange Commission.
Terayon issued $500 million of the notes in July 2000.
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