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Cray to Redeem $164k in Convertible Notes

CrayCray announced today that it has given notice of redemption to the holders of the 3.0 percent convertible senior subordinated notes due 2024.  The redemption date has been set for December 1, 2009.  The redemption price is 100 percent of the outstanding principal amount of notes plus accrued and unpaid interest to, but not including, the redemption date.

Cray has also issued $80 million principal amount of the notes in December 2004.  Notes in the principal amount of $164,000 remain outstanding.  The noteholders may elect to receive cash in the redemption or convert the notes to shares in company stock.

For more info, read the full release here.

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