Newport Corporation Announces Early Retirement of $69.6M of Convertible Notes
Newport Corporation (NASDAQ: NEWP) today announced that it has retired $69.6 million in principal amount of its 2.5% convertible subordinated notes due February 15, 2012, for a payment of $70.0 million plus accrued interest. The early retirement of these notes allows Newport to avoid the cash interest that it would have been required to pay, as well as the non-cash amortization of the debt discount and debt issuance costs related to these notes, between December 6, 2011, and their maturity date of February 15, 2012.
The total expense savings resulting from the early retirement will be approximately $0.9 million over the remaining term of the notes. The company noted that the principal amount of its convertible notes that remain outstanding is $51.0 million.
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