Sonosite Buys Back $60M of Convertible Debt

Luke Timmerman10/30/08

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.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.