Franklin Resources calls LYONs due 2031

By Jennifer Chiou

New York, May 19 - Franklin Resources, Inc. announced the redemption of its $276.165 million principal amount at maturity of zero-coupon Liquid Yield Option Notes due 2031.

The San Mateo, Calif., investment management company said the LYONs will be redeemed on June 5 at $627.93 for each $1,000 principal amount at maturity.

Franklin Resources added that holders may convert their securities a rate of 9.3604 shares per $1,000 principal amount at maturity of LYONs. Holders electing to convert must do so before 5 p.m. ET on June 1.

The company's stock closed up $2.01, or 2.32%, at $88.75 on May 19.

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