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Technology Stocks : Safeguard Scientifics SFE

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To: dennym7 who wrote (4455)	2/23/2004 10:25:28 AM
From: dennym7	Read Replies (1) of 4467

Safeguard Closes Offering Of $150 M Of Convertible Senior Debentures; Repurchases $42 M Of Outstanding Convertible Debt DOW JONES NEWSWIRES WAYNE, Pa. -- Safeguard Scientifics Inc. (SFE) privately placed $150 million worth of convertible debt, the proceeds of which will be used to retire more costly debt. In a press release Monday, Safeguard it has already used $42 million of the approximately $146 million net proceeds from the offering to repurchase some of its 5% convertible subordinated notes. The rest of the proceeds will also be used to retire or repurchase this debt. At the end of September, the company had outstanding $200 million worth of the 5% convertible subordinated notes, due in 2006. The new debt was issued with an interest rate of 2.625% and will be due in 2024. The debt is convertible into common stock at a price of about $7.22 a share. Shares of Safeguard fell about 1% shortly after the open, to $4.40 a share, after rising nearly 12% to $4.98 a share in pre market trade on INET. -Mohammed Hadi; Dow Jones Newswires; 201-938-5400 Updated February 23, 2004 9:54 a.m.

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