The phone maker Motorola Inc. said Tuesday it is buying back $361.8 million worth of its outstanding bonds.
The company said debt holders offered to sell back roughly $400 million under the terms of Motorola's "Dutch Auction" tender offer. Under such an auction bond holders indicate within a certain range how much debt and at what price they wish to sell.
Motorola had set the maximum at $361.8 million. The buybacks include notes that come due in 2025, 2028 and 2037.
The latest offer brings the total debt that Motorola has bought back recently to $500 million, the company said.
Motorola shares rose 9 cents to $7.26 in morning trading Tuesday.
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