Labor Ready calls 6.25% convertibles

New York, April 20 - Labor Ready, Inc. said it will redeem all its $70 million of outstanding 6.25% convertible subordinated notes due 2007 on June 20.

The call is based on the company's stock exceeding preset thresholds.

The Tacoma, Wash., provider of temporary manual labor said that based on its stock price as of April 20 it expects holders will convert the notes to stock.

Up to 5 p.m. ET on June 16, holders can exchange the notes at a price of $7.26 or 137.7 shares per $1,000 principal amount.

Notes not converted will be redeemed at par plus accrued interest.

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