Aquila may redeem PIES, redeem, tender for debt

New York, April 20 - Aquila, Inc. said it is considering options including converting its $345 million of Premium Income Equity Securities ahead of their mandatory conversion date, redeeming debt and conducting exchange or tender offers for its debt.

The Kansas City, Mo., energy company is also looking at forming a holding company and conducting a reverse stock split.

All the possibilities are being examined as part of the repositioning plan announced on March 14, Aquila said in an 8-K filing with the Securities and Exchange Commission. They were proposed by financial advisers and could "enhance (or potentially accelerate) our repositioning efforts."

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