WOODBURY, N.Y.-Comverse Technology Inc. announced the private placement of $350 million of its zero-yield puttable securities due 2023.
The securities are convertible into shares of common stock at $17.97 per share. Stockholders will have a put option, according to which they can require the company to redeem the securities in cash on each of May 15 of 2008, 2013 and 2018.
Comverse plans to use the proceeds for working capital and other general corporate purposes, including investments in, or acquisitions of, other companies, businesses, technologies or product lines and to repurchase outstanding convertible debt.
