Stewart Enterprises buys back $40.1 million senior convertible notes

By Devika Patel

Knoxville, Tenn., June 9 - Stewart Enterprises Inc. repurchased $4 million of its 3.125% senior convertible notes due 2014 and $18.6 million of its 3.375% senior convertible notes due 2016 during the fiscal second quarter, according to a 10-Q filed Tuesday with the Securities and Exchange Commission.

The purchases were made in the open market and resulted in an $8.7 million gain.

Subsequent to April 30, the company purchased an additional $10 million of the 2014 notes and $7.5 million of the 2016 notes on the open market, which will result in a gain of approximately $4.6 million.

Stewart Enterprises is a Jefferson, La.-based provider of products and services in the death care industry.

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