Odyssey Re calls all 4.375% convertibles due 2022

By Laura Lutz

Des Moines, March 19 - Odyssey Re Holdings Corp. announced plans to redeem all of its outstanding 4.375% convertible senior debentures due 2022 on May 1, 2007.

About $22.5 million principal amount of the notes is outstanding.

Holders may choose to convert their notes at $21.28 per share, or 46.9925 shares per $1,000 principal amount of notes, through close of business on April 30.

On the redemption date, the company will pay par plus accrued interest for the notes.

Odyssey Re Holdings is an insurance company based in Stamford, Conn. Its stock gained $1.06, or 2.81%, to close at $38.74 on Monday (NYSE: ORH).

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