INDIANAPOLIS-Brightpoint Inc.’s board of directors approved a plan for the company to repurchase up to 130,000 of its convertible, subordinated, zero-coupon bonds due in 2018.
The company said the timing and amount of any repurchases will depend on a variety of factors, including the prevailing market price of the bonds and overall market conditions.
The company said it will fund the repurchase from working capital. Prior to any repurchase, the company said it has 380,000 bonds outstanding, with a total accreted book value of $190 million on Sept. 30.
