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Franklin to pay LYONs put in cash
New York, April 10 - Franklin Resources Inc. said it will pay the upcoming put on its Liquid Yield Option Notes due May 11, 2031 in cash.
The convertibles are putable on May 11 at 59.301.
Franklin said that if all the LYONs are put back to the company it will have to pay $520.1 million.
The San Mateo, Calif. investment company originally sold $501 million proceeds of the LYONs in May 2001.
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