Lennar calls 0% convertibles

New York, June 9 - Lennar Corp. said it will redeem its zero-coupon senior convertible debentures due 2018 on July 29.

The Miami homebuilder will pay $562.31 per $1,000 principal amount at maturity of the convertibles.

Holders can convert the securities into class A common stock at the rate of 13.7407 shares per debenture up to the close of business on July 29, equivalent to a price of $40.92. Lennar class A common stock closed at $67.27 on Monday.

Lennar has the option to pay conversions in cash or stock but said it is currently intending to issue stock.

The company said there are currently $493 million principal amount at maturity of the convertibles outstanding. If all are converted the company will issue just under 6.8 million shares.

Adaptec redeems 4¾% convertibles

New York, June 9 - Adaptec, Inc. said it has completed the redemption of its 4¾% convertible notes due 2004.

The Milpitas, Calif. storage infrastructure company said that the redemption covered the $82 million remaining notes.

Getty Images calls 5% convertibles

New York, June 9 - Getty Images, Inc. said it will redeem its $250 million 5% convertible subordinated notes due 2007 on July 10.

The Seattle company will redeem the convertibles at 102.857% of par plus accrued interest through the redemption date.

Holders can convert their notes into 16.37 shares of common stock per $1,000 principal amount up to 5.00 p.m. ET on July 9. Getty Images stock closed at $38.25 Monday.

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