Alumina holders put $150.85 million 2% convertibles; notes called

By Jennifer Chiou

New York, May 17 - Alumina Ltd. announced that holders of $150.85 million of its 2% guaranteed convertible bonds due May 16, 2013 exercised their option to require Alumina Finance Ltd. to redeem their holdings from March 17 to April 16.

The par redemption occurred on May 16.

Because only $16.73 million of the bonds remains outstanding - less than 10% of the original $350 million issue amount - Alumina has decided on a clean-up redemption at par plus accrued interest to June 24, the redemption date.

As of May 17, the conversion price is A$6.5668, and the volume-weighted average price of the company's shares was A$2.32 apiece on May 16. Notes may be converted up to June 10.

Questions may be directed to Judith Downes (61 3 8699 2607) or John Bevan (61 3 8699 2601).

Melbourne, Australia-based Alumina is involved in bauxite-mining activities.

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