Adaptec buys back $191 million 0.75% convertibles; most remaining convertibles put back

By Angela McDaniels

Tacoma, Wash., Feb. 3 - Adaptec, Inc. said it repurchased $191 million of its $225 million 0.75% convertible senior subordinated notes due 2023 on the open market during the first nine months of fiscal 2009.

The price for the repurchases was $188.9 million, according to the company's 10-Q report for the fiscal third quarter ended Dec. 26. The 10-Q was filed with the Securities and Exchange Commission on Tuesday.

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.

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

The company said $2 million of the convertibles were outstanding at Dec. 26, and it then redeemed $1.5 million of the convertibles after the end of the quarter as additional holders exercised their put options.

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

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