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NEW YORK-Motorola Inc. said it will buy back $825 million in so-called Puttable Reset Securities (PURS) under a purchase agreement to be executed with Goldman Sachs & Co. Feb. 3. As a result of the buyback, the Schaumburg, Ill., company, which has about $9 billion in outstanding debt, will reduce significantly next year both interest payments and debt reaching maturity.
“We are executing on our stated plan to reduce our total debt and strengthen our balance sheet with the goal of improving our credit ratings over time,” said Christopher Galvin, chief executive, in a press release.
