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PalmSource repays TI investment

Maker of software for mobile devices saves $2 million by paying off investor two and a half years early.

PalmSource announced Wednesday it had made early repayment of an investment by Texas Instruments. Chipmaker TI held a $15 million convertible subordinated note, which was due Dec. 6, 2006. By paying the note early, PalmSource saved roughly $2 million in interest, according to the company. PalmSource is a developer of operating systems for mobile devices. One of the company's leading licensees, Sony Electronics, recently said it would stop selling handhelds in the United States.