Liberty International holders convert £21 million of 3.95% bonds for shares, cash

By Jennifer Chiou

New York, Dec. 19 - Liberty International plc said it will issue shares and pay in cash £2.5 million in exchange for £21 million, or 19%, of its 3.95% convertible bonds due 2010.

The company will issue 2.6 million shares for the bonds on the basis of 125 shares per £1,000 principal amount of bonds converted.

Liberty International, a London real estate company, priced £240 million of the 3.95% convertibles in September 2003. They convert at a price of 800p. Its stock closed at 483.75p on Thursday.

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