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Covington Advises Computer Associates on Rule 144A Offering of Convertible Senior Notes and Simultaneous Purchase of Call Spread Repurchase Options

December 18, 2002

December 18, 2002 - NEW YORK, NY - Covington & Burling represented Computer Associates on its issuance of $460 million principal amount of Convertible Senior Notes due 2009 through a private offering to qualified institutional buyers under Rule 144A and offshore under Regulation S. Concurrently with the issuance of the notes, CA purchased call spread repurchase options, which mitigate the potential dilutive effect of conversion of the notes. The offering and the purchase of the call spread repurchase options closed on December 11, 2002.

Bruce Bennett, a partner in Covington's New York office, led the transaction with assistance provided by associates Lisa Horvath, Jamaal Lesane and Terence Brenner. Bill Paul, a partner in Covington's Washington, D.C. office, advised on tax aspects, assisted by Alison Wang.

For more information, please contact Bruce C. Bennett, 212.841.1060 or Noël Decker, 202.662.6361.

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