, a provider of specialized contracting services and end-to-end network solutions for various industries, said it began a cash tender offer for all of its outstanding 4% convertible subordinated notes due 2007. The tender offer will expire at midnight Eastern time June 13, unless extended.
The Houston-based company is purchasing the notes to reduce outstanding debt and reduce interest expense. The tender offer will be funded from the proceeds of the company's recently completed offering of 3.75% convertible subordinated notes due 2026 and existing cash on hand.
The company is offering to purchase the notes at a price of $985 for each $1,000 of principal amount of notes tendered, plus accrued and unpaid interest up to, but not including, the date the notes are paid pursuant to the offer.
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