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Mobile phone software developer Sybase Inc. said Friday that it has redeemed $390 million of convertible debt.

The convertible subordinated notes carry an interest rate of 1.75 percent and mature in 2025.

The Dublin, Calif., company will pay debt holders who turned in their notes about half in cash and the rest with Sybase common shares.

Sybase's board also approved a plan to buy back up to an additional $150 million in common stock and notes that are convertible to common shares.

The board first authorized a buyback plan in February 1998.

Shares of Sybase were up 40 cents to $44.41 on Friday.

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