American Retirement calls 10% convertibles

New York, April 1 - American Retirement Corp. said it will redeem its remaining 10% series B convertible senior subordinated notes due 2008 on April 30.

The Nashville, Tenn., senior living and health care services provider will pay 103.5% of par for the securities plus accrued interest.

Up to the close of business on April 30 holders can convert the notes into stock at a price of $2.25 per share. American Retirement stock closed at $5.43 Wednesday.

The company had $2.1 million principal amount of the convertibles outstanding as of March 31 following conversions of $13.8 million of the original $15.9 million.

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