lastminute.com seeks OK for early redemption of 6% convertibles

New York, June 7 - lastminute.com plc said it is asking holders of its €102.582 million of 6% convertible bonds due 2008 to approve early redemption of the securities.

The proposed redemption is part of the planned acquisition of lastminute.com by Sabre, Inc. - and is subject to the acquisition being completed.

The London-based online travel site is proposing to redeem the bonds at a price equivalent to par plus all remaining coupons to maturity, discounted using 50 basis points over the euro swap rate to Sept. 12, 2008.

As part of the offer, lastminute.com is also proposing to make modifications to the terms and conditions of the bonds.

Investors will be asked to approve the redemption at a meeting scheduled for 6:30 a.m. ET on June 29. Votes via Euroclear or Clearstream are due by 5 a.m. ET on June 24.

Approval of the offer requires a quorum of representatives of 75% of the bonds and votes from representatives for at least 50% of the bonds.

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