Emulex buys back $97 million convertibles

New York, Feb. 11 - Emulex Corp. said it bought back a further $97 million of its 1.75% convertible subordinated notes.

The company said it repurchased $179.3 million face value of the convertibles in the first two quarters of fiscal 2004 ending Dec. 28, 2003. That was up from its previous report at the end of the first quarter when it said it had bought back $93.9 million of the securities. Emulex spent $173.3 million to buy back convertibles in the six months.

In addition, since Dec. 28, Emulex has bought back a further $11.6 million face value of the 1.75% convertibles at a cost of $11.7 million, according to a 10-Q filing with the Securities and Exchange Commission.

At Dec. 28, the Costa Mesa, Calif., storage networking company had $29.3 million face amount of the 1.75% convertibles still outstanding.

The remaining convertibles are covered under Emulex's stock repurchase program, which covers both all the remaining 1.75% convertibles and up to 4.0 million shares of common stock, according to the SEC filing.

In December, Emulex sold $517.5 million of 0.25% convertible subordinated notes due 2023.

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