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: [[ticker: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.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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