McAfee Makes Quick Win in Software Rout With Bond Buyback

McAfee bought back about $287 million of unsecured notes at a discount, taking advantage of a software rout that hit its debt stack, according to people familiar with the situation.

The privately-held firm acquired the debt in the open market between January and March 6, spending about $239 million of cash plus accrued interest for the transactions, said the people, who asked not to be identified discussing a private matter.

McAfee viewed the bonds as undervalued amid elevated volatility in the debt markets, said one of the people familiar with the situation. Such repurchases allow the company to cut ...