Sonosite Buys Back $60M of Convertible Debt

10/30/08Follow @xconomy

Sonosite, the Bothell, WA-based maker of portable ultrasound machines, said today has bought back $60.3 million worth of convertible notes it owes to investors. The company (NASDAQ: SONO) said it paid about $47.4 million in cash through the transaction, and recorded a pre-tax gain of $11 million. It still has $164.7 million million of these types of notes, which give investors the option of getting their returns through debt payments from the company, or by having the notes convert into stock.