Noble Group calls 0.9% convertibles

By Jennifer Chiou

New York, May 22 - Noble Group Ltd. announced the redemption of all of its $36.142 million of 0.9% convertible bonds due April 20, 2009.

The redemption date is June 22.

Holders may convert their notes up to the close of business on June 12. The conversion price is S$1.333 per share.

Noble's stock closed at S$1.69 on May 18.

If all holders convert their securities, the company will issue 46,412,509 shares.

With accrued interest, the total redemption amount will be $36,198,020.10.

The Hong Kong-based commodities trading company priced $200 million of the securities on March 15, 2004, with a 34.5% initial conversion premium.

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