SMART Modular Technologies Inc. (SMOD) announced that it recently repurchased $26.2 million aggregate principal amount of its senior secured floating rate notes due 2012 at a discount. Using $25 million cash on hand, the company paid 95.5% of the principal or face amount of the notes to acquire and retire such debt early. The aggregate principal amount outstanding under the notes is now $55.1 million, down from $81.3 million.
By using cash on hand to extinguish almost one-third of its long-term debt, the company expects to save $1.5 million in annual interest expense based on the current interest rate under the notes of approximately 5.8%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.