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Four Seasons to redeem zero-coupon convertibles on Sept. 23
New York, Aug. 10 - Four Seasons Hotels Inc. said it will redeem all its outstanding zero-coupon convertibles due 2029 at their first call date on Sept. 23.
The Toronto luxury hotel operator will pay cash for the securities.
If none of the bonds are converted ahead of the call, Four Seasons will pay a total of $215.5 million.
The securities convert into 5.284 limited voting shares per $1,000 principal amount at maturity. Four Seasons stock closed at $57.89 Monday.
Four Seasons added that the redemption will go ahead "in the absence of unusual circumstances."
The convertibles were originally issued in 1999 with $655.5 million principal amount at maturity. They accrue interest at 4.5% per year.
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