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TECHNOLOGY

Times Staff and Wire Reports

Apple Sells $575 Million in Convertible Debt: The junk bonds mature in 2001 and pay 6% interest, 0.62 percentage points less than benchmark five-year Treasury notes. The securities are convertible into Apple common stock at $29.205, or 18% more than Monday’s closing price. Some investors said the bonds, which will provide Apple Computer Inc. with working capital, are a good gamble because Chairman Gilbert Amelio’s $100-million cost-cutting plan will help return the company to profitability. In a separate announcement, the Cupertino, Calif., company said it will fire about 250 people from its Elk Grove, Calif., plant as part of its previously announced plan to eliminate 2,800 jobs.


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