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Short Take: Compaq repurchases stock, pays debts

Compaq Computer will repurchase up to 25 million shares of its common stock, adding to the 274.5 million shares it owned as of March 31. Compaq also will buy its $150 million 6.5 percent senior notes, due March 15, 1999, and its $150 million 7.25 percent senior notes, due March 15, 2004. Compaq will pay based on a spread of 25 basic points over the yield of a U.S. Treasury bond with a comparable maturity date. The company will make the offer official on or before May 12.

Compaq Computer will repurchase up to 25 million shares of its common stock, adding to the 274.5 million shares it owned as of March 31. Compaq also will buy its $150 million 6.5 percent senior notes, due March 15, 1999, and its $150 million 7.25 percent senior notes, due March 15, 2004. Compaq will pay based on a spread of 25 basic points over the yield of a U.S. Treasury bond with a comparable maturity date. The company will make the offer official on or before May 12.