CSG Systems International, Inc. a global partner to launch and monetise digital services, has repurchased US$66 million in principal amount of its outstanding 3.0% Senior Subordinated Convertible Notes issued in March 2010, due March 1, 2017 for approximately $126 million.
CSG Systems International, Inc. helps clients launch and monetise communications and entertainment services in the digital age. Leveraging 30 years of experience and expertise in voice, video, data and content services, CSG delivers market-leading revenue management and customer interaction solutions in licensed and managed service models.
The purchase price was based on the average daily volume weighted average prices of CSG’s common stock over a 20 trading day period beginning March 10, 2016, and was paid with a portion of the net proceeds from CSG’s offering of $230 million of 4.25% Convertible Senior Notes due 2036, that were issued March 15, 2016.
This brings the total repurchases of 2010 Convertible Notes to date to $106 million of the original aggregate principal balance of $150 million, for a total repurchase amount of approximately $199 million.
As of March 16, 2016, the closing price of CSG’s common stock exceeded 130% of the conversion price for the required period, thus allowing for the remaining 2010 Convertible Notes to continue to be convertible at the holder’s option through the fiscal quarter ending June 30, 2016.
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