Rewards Network repurchased $2.1 million convertibles in second quarter

By Julie A. Miller

Washington, July 23 - Rewards Network Inc. spent $2 million in the second quarter of 2008 to repurchase $2.1 million of its convertible subordinated debentures, the company said in a news release.

In 2003, the company, then known as iDine Rewards Network Inc., sold $60 million in convertibles due 2023, yielding 3.25% with a 25% initial conversion premium. Underwriters exercised the $10 million over-allotment option in full, raising the size of the deal to $70 million.

Chicago-based Rewards Network operates frequent dining programs in North America, providing members with incentives to dine at participating restaurants, including airline miles, college savings rewards and reward program points.

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