Nvidia calls 4¾% convertibles

New York, Sept. 17 - Nvidia Corp. said it will redeem its 4¾% convertible subordinated notes due 2007 on Oct. 24.

The Santa Clara, Calif. graphics processor company will pay 102.714% of par plus accrued interest up to but excluding the redemption date.

Holders can convert the securities into stock up to 5.00 p.m. ET on Oct. 23. The conversion rate is 21.57 shares per $1,000 principal amount, equivalent to $46.36 per share. Nvidia stock closed at $19.62 on Tuesday.

"Nvidia's solid financial condition allows us to redeem the notes nearly four years prior to maturity, thereby saving $14.3 million per year in interest expense and cash," said Marv Burkett, chief financial officer, in a news release.

As of July 27, Nvidia had total cash, cash equivalents and marketable securities of over $1.0 billion.

Also on that date, it had $300 million of the convertibles outstanding.

Amcor to redeem 6.5% convertibles

New York, Sept. 17 - Amcor Ltd. said it will redeem its 6.5% unsecured subordinated convertible notes on Nov. 10.

The Abbotsford, Australia company will redeem the convertibles at par of $9.35 each.

Holders may convert the notes into stock up to Oct. 31 at the rate of 1.27 ordinary shares per note. Holders who convert before Oct. 27 will receive the stock dividend for the year ended June 30; from Oct. 27 onwards they will receive the final Oct. 31 interest payment on the notes, which the company pointed out is larger than the dividend payment.

Amcor noted that the securities, originally issued in 1994, are callable from Nov. 1 onwards.

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