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Verticalnet buys back $6.4 million convertibles
New York, July 30 - Verticalnet, Inc. said it bought back $6.4 million or 90% of its outstanding its 5¼% convertible subordinated debentures due September 2004.
The Malvern, Pa. provider of strategic sourcing and supply management solutions said it paid $1.3 million in cash, 2,694,100 shares of common stock and change of control warrants to purchase 305,120 shares of common stock that expire in September 2004 for the convertibles.
Following the buyback, Verticalnet has $700,000 of the convertibles outstanding.
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