NationsRent redeems $30.8 million 6.5% convertibles

By Jennifer Chiou

New York, July 1 - NationsRent Cos., Inc. said it has redeemed $30.8 million of its 6.5% unsecured convertible subordinated notes due June 13, 2008.

Noteholders will receive $35.2 million in cash, which includes accrued interest.

Prior to the redemption date, the company issued 59,503 common shares for $14.4 million of the convertibles.

The Fort Lauderdale, Fla., company, which provides storage for equipment, funded the redemption with a portion of the proceeds from its April private placement of $150 million 9½% senior unsecured notes due 2015.

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