9.84%QQQQ 30.60 8.96%XLF 15.45 10.85%
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NEW YORK - Lexmark International Inc. found buyers for $650 million in bonds and expects the sale to close Thursday, the printer maker said Tuesday.
| LXK | 27.59 |  -1.95 |
Lexmark is selling two tranches of bonds. One $300 million tranche will pay a 6.69 percent annual interest rate and mature in 10 years.
A $350 million tranche will pay a 5.94 percent interest rate and mature in five years.
Lexmark plans to use the proceeds from the bond sale to pay off debt and buy back stock. The company announced an authorization to repurchase $750 million of its stock, bringing the total amount authorized for repurchase to $1 billion.
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